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Price Moves To Be Driven By Debt-Ceiling Developments

OIL

Oil prices finished Monday higher after falling during the APAC session on more positive signs that there would be a deal on the US debt-ceiling. WTI was up 0.6% and is currently trading around $72.15/bbl, close to Monday’s high of $72.53. Brent rose 0.5% and is now $75.99 after a high of $76.46. The USD index was flat.

  • The outcome of today’s and any further debt-ceiling talks will be key to the immediate outlook for oil prices, as demand worries remain at the fore.
  • WTI remains comfortably below key short-term resistance at $73.81, the May 10 high. And for Brent resistance is at $77.60.
  • Standard Chartered analysts believe that OPEC will act at its June 3-4 meeting, as Saudi is likely to want to take back control of the market from speculators. They say that “the build-up of speculative shorts means positioning is now as bearish as at the start of the pandemic”.
Energy BulletsCommodities
Energy BulletsCommodities

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