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Oil inched higher as the US reached a tentative debt ceiling dealInternational benchmarks for crude oil settled higher on Monday, 29 May 2023 as investors were inclined to place bullish bets on the economic outlook after the US reached a tentative agreement to lift the debt ceiling |
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International benchmarks for crude oil settled higher on Monday, 29 May 2023 as investors were inclined to place bullish bets on the economic outlook after the US reached a tentative agreement to lift the debt ceiling, which effectively avert a potential default at the world’s largest oil-consuming country.
Brent crude went up 12 cents or 0.2%, at $77.07/barrel. West Texas Intermediate climbed 25 cents or 0.3% to settle at $72.92/barrel. Trades were limited on Monday due to public holidays in the UK and the US.
The gains, however, were capped with the market now projecting a 50-50 chance of another 0.25% key interest rate hike by the FED in June.
