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Oil ticked up as the US is close to reaching a debt ceiling agreementA deal to lift the US government’s $31.4 trillion debt ceiling may likely be finalized on Friday, but markets are wary of a possible delay that could hinder proceedings. |
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International benchmarks for crude oil ended the trading session on Friday, 26 May 2023 marginally higher following news of US officials reaching the penultimate stages of closing a debt-ceiling deal.
Brent crude rose 69 cents or 0.9% to settle at $76.95/barrel while West Texas Intermediate went up 84 cents or 1.2% to conclude at $72.67/barrel.
A deal to lift the US government’s $31.4 trillion debt ceiling may likely be finalized on Friday, but markets are wary of a possible delay that could hinder proceedings. Besides, renewed worries of a possible interest hike in June could still play a part in demand during the second half of the year.
