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Oil Markets Extend Losses

OIL

Crude prices slide further amid concern for the US debt ceiling ‘deal in principle’ which has to pass a divided US Congress before June 5 to avoid a default and potential disruption to financial markets.

  • Markets are also weighing up the outcome of the OPEC+ meeting this weekend and the potential for a rollover in production or whether the group tries to defend higher prices.
  • Brent JUL 23 down -3% at 74.74$/bbl
  • WTI JUL 23 down -2.9% at 70.58$/bbl

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