Oil ticked up as the US is close to reaching a debt ceiling agreement
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.
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.