HomeIndustriesOil Remains Steady as Traders Await Approval of Debt Ceiling Deal

Oil Remains Steady as Traders Await Approval of Debt Ceiling Deal

Oil remained little changed on Monday as traders wait to see if lawmakers approve the U.S. debt ceiling deal that policymakers agreed to on the weekend. The agreement was reached in a 90-minute telephone call between U.S. President Joe Biden and Republican House Speaker Kevin McCarthy.

Both President Biden and House Speaker McCarthy expressed confidence that the agreement will pass in Congress and will therefore reach the President’s desk for signature, which will enact it into law.

West Texas Intermediate futures traded above $72 per barrel on Monday, thereby building on Friday’s 1.2% gain. Oil remains about 10% lower this year as investor confidence is rocked by the Federal Reserve’s extended monetary tightening policy and China’s rocky post-pandemic economic recovery.

Supply continues to remain in focus with OPEC+ scheduled to convene in Vienna on 3 and 4 June to discuss output levels. “The baseline expectation is that OPEC+ will keep quotas intact for the rest of the year,” Ed Bell, senior director for market economics at Dubai-based lender Emirates NBD PJSC, commented.

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