Oil rises after Biden reaches provisional deal on debt ceiling
29/05/2023
Argaam
Oil drilling rigs
Oil prices rose today, May 29, after US President Joe Biden and House Speaker Kevin McCarthy reached a preliminary agreement on the debt ceiling, which could spare the United States from a catastrophic debt default.
International benchmark Brent crude was trading up 0.78% at $77.55 a barrel, at 08:00 am Makkah time.
West Texas Intermediate (WTI) crude rose 0.91% to $73.33 a barrel. The US market is closed today.
The prices, however, are still down by about 9% this year, in light of the weak economic recovery in China, and the tightening of monetary policy in the US and its impact on demand.
OPEC+ meeting is scheduled for June 3 and 4, with expectations that production levels will remain unchanged.
Market Indices
Dubai
5,897.57
(9.63)
(0.16 %)
Abu Dhabi
9,960.24
(33.00)
(0.33 %)
TASI
10,542.23
(47.72)
(0.45 %)
Qatar
9,209.53
(49.77)
(0.54 %)
Kuwait
9,063.91
13.25
0.15 %
Muscat
7,828.06
39.92
0.51 %
Bahrain
1,898.90
(2.96)
(0.16 %)
Commodity Price
Brent Crude Oil
101.51
0.58
0.57%
Nymex
89.08
(1.16)
(1.29%)
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