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Crude Edges Higher on Optimism Over US Debt Limit

OIL
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Crude oil is edging higher with optimism surrounding the chances of raising the US debt limit an avoiding a default. The White House and House Republicans appear on the brink of a deal to curb government spending in return for a debt ceiling hike through the 2024 election.

  • Markets are also weighing up the possibility of further production cuts after differing signs from Russia and Saudi Arabia. Russia’s Deputy Prime Minister Novak yesterday said that OPEC+ are unlikely to adjust targets at the 3-4 June meeting however the Saudi Energy Minister sent a warning to oil speculators earlier this week giving support to prices.
  • Technical resistance for Brent is at the 50 day EMA of 78.46$/bbl and WTI at 74.31$/bbl.
    • Brent JUL 23 up 1% at 77.03$/bbl
    • WTI JUL 23 up 1.3% at 72.73$/bbl
    • WTI-Brent up 0.03$/bbl at -4.28$/bbl
    • Brent JUL 23-AUG 23 down -0.04$/bbl at 0.04$/bbl
    • Brent DEC 23-DEC 24 up 0.03$/bbl at 3.29$/bbl
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Crude oil is edging higher with optimism surrounding the chances of raising the US debt limit an avoiding a default. The White House and House Republicans appear on the brink of a deal to curb government spending in return for a debt ceiling hike through the 2024 election.

  • Markets are also weighing up the possibility of further production cuts after differing signs from Russia and Saudi Arabia. Russia’s Deputy Prime Minister Novak yesterday said that OPEC+ are unlikely to adjust targets at the 3-4 June meeting however the Saudi Energy Minister sent a warning to oil speculators earlier this week giving support to prices.
  • Technical resistance for Brent is at the 50 day EMA of 78.46$/bbl and WTI at 74.31$/bbl.
    • Brent JUL 23 up 1% at 77.03$/bbl
    • WTI JUL 23 up 1.3% at 72.73$/bbl
    • WTI-Brent up 0.03$/bbl at -4.28$/bbl
    • Brent JUL 23-AUG 23 down -0.04$/bbl at 0.04$/bbl
    • Brent DEC 23-DEC 24 up 0.03$/bbl at 3.29$/bbl