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Crude Recovers Ground With Focus Still On US Debt Ceiling

OIL

Brent crude recovers back up to flat on the day with focus still on demand concerns and the progress on US debt ceiling talks.

  • President Joe Biden is set to meet with House Speaker Kevin McCarthy later Monday as negotiations continue to try to avoid a US default.
  • Supply tightness from OPEC cuts, missing Iraq barrels and Alberta wildfires are adding upward pressure to prices.
  • The US rig count continues to decline with a sharp fall by 11 to 575 and the lowest since Jun 2022 according to Baker Hughes data on Friday. Falling oil prices have caused some exploration and production companies to cut rigs as shale producers continue to maintain capital discipline rather than boost output.
    • Brent JUL 23 unchanged at 75.58$/bbl
    • WTI JUL 23 down 0% at 71.67$/bbl
    • WTI-Brent down -0.03$/bbl at -3.92$/bbl
    • Brent JUL 23-AUG 23 up 0.03$/bbl at 0.14$/bbl
    • Brent DEC 23-DEC 24 down -0.01$/bbl at 2.92$/bbl
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