Oil prices rose on Friday amid a recovery in sentiment as a result of the passage of the US debt ceiling bill and at a time when markets assessed the possibility of OPEC + implementing a production cut to support prices in the next two days.<\/p>\n\n\n\n
Brent crude futures rose 71 cents, or 0.96 percent, to $74.99 a barrel by 0600 GMT, and West Texas Intermediate crude futures rose 66 cents, or 0.94 percent, to $70.76 a barrel, after oil prices witnessed two consecutive days of losses.<\/p>\n\n\n\n
Markets received reassurance after the passage of a bill in Congress suspending the US debt ceiling of $ 31.4 trillion, in addition to indications earlier that the Federal Reserve may stop raising interest rates.<\/p>\n\n\n\n
On Thursday evening local time, the US Senate passed the debt ceiling bill, averting a catastrophic debt default that would have jolted the financial markets.<\/p>\n\n\n\n
Market sentiment was also supported by Thursday’s US crude inventories data from the Energy Information Administration, which pointed to a jump in crude imports last week.<\/p>\n\n\n\n
Investors’ focus has shifted to a June 4 meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia, an alliance known as OPEC+.<\/p>\n\n\n\n
During the meeting, ministers from major oil-producing countries will decide on possible further production cuts to support government revenues.<\/p>\n\n\n\n
Expectations and indicators varied regarding such a possible cut, as Reuters and analysts from banks including HSBC and Goldman Sachs said that it is unlikely that further production cuts will be implemented from OPEC +, and that the alliance will adopt a wait-and-see approach.<\/p>\n\n\n\n
However, other market observers indicated that weak data for the manufacturing sector from China and the United States may suggest that OPEC + will take a decision to cut further.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Friday amid a recovery in sentiment as a result of the passage of the US debt ceiling bill and at a time when markets assessed the possibility of OPEC + implementing a production cut to support prices in the next two days. Brent crude futures rose 71 cents, or 0.96 percent, …<\/p>\n","protected":false},"author":9,"featured_media":77220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7436,6885,10125,7536],"class_list":["post-84856","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil","tag-fed","tag-gdp-data","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84856"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84856\/revisions"}],"predecessor-version":[{"id":84857,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84856\/revisions\/84857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}