Oil prices have rallied for the second day on Friday as global markets breathe a sigh of relief after the US Senate votes through the debt-ceiling extension bill, vaulting the final hurdle prior to implementation. The possibility of OPEC+ announcing more production cuts at its June 4 meeting further supports Oil.<\/p>\n\n\n\n
<\/p>\n\n\n\n
The breakeven price for the Saudis is $80 a barrel despite Russia downplaying the need for cuts. Nonfarm payrolls beats estimates but the initial boost to the US Dollar reverses on higher-than expected unemployment and a wage disinflation.<\/p>\n\n\n\n
<\/p>\n\n\n\n
WTI crude is trading at $71.72 per barrel, up by 2.26% on the day, and Brent is trading at $76. At the time of writing.<\/p>\n\n\n\n
<\/p>\n\n\n\n
The Saudis are likely to continue to apply pressure for OPEC+ to cut production given analysts estimate its breakeven level is $80 per barrel, which is still above the current low-price levels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices have rallied for the second day on Friday as global markets breathe a sigh of relief after the US Senate votes through the debt-ceiling extension bill, vaulting the final hurdle prior to implementation. The possibility of OPEC+ announcing more production cuts at its June 4 meeting further supports Oil. The breakeven price for …<\/p>\n","protected":false},"author":13,"featured_media":61146,"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":[7156,10350,7957,6936,7004,6909],"class_list":["post-84876","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-brent","tag-debt-deal","tag-nfp-data","tag-oil-prices","tag-opec-2","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84876","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84876"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84876\/revisions"}],"predecessor-version":[{"id":84877,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84876\/revisions\/84877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61146"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}