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Crude Markets Nervous On Demand And Debt-Ceiling Worries

OIL

Oil prices fell slightly on Friday and have started the week fairly stable as markets await the outcome of US debt-ceiling meetings. WTI fell 0.3% on Friday but was still up 2.3% over the week. It is currently around $71.52/bbl. Brent fell 0.4% and was 1.9% higher on the week. It is currently around $75.65. The USD index fell 0.4%.

  • Oil finished Friday well below its intraday high. WTI had reached $73.40 before falling to $71.03 and Brent rose to $77.50 and then fell to $75.12.
  • Moves in crude are likely to be highly dependent this week on US debt-ceiling talks progress. President Biden and House Speaker McCarthy are scheduled to meet again on Monday after having had a “productive” phone conversation on Sunday, according to Reuters. See Negotiations Closer On How To Solve Impasse, Biden/McCarthy Meet Monday
  • Oil prices could fall for the fifth consecutive month in May, as the market continues to worry about demand driven by US recession fears and disappointing growth in China. Supply continues to be disrupted by wildfires in Alberta, Canada.
  • CFTC net oil positions declined in the latest week.
Energy BulletsCommodities
Energy BulletsCommodities

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