Oil prices fell this Friday, May 19 after the Republicans of the United States House of Representatives and the administration of President Joe Biden talks on raising the public debt ceiling were put on hold, threatening to default.
The Brent futures down 28 centsor 0.37%, $75.58 a barrel. Meanwhile, US crude West Texas Intermediate (WTI) due in July dropped 25 centsor 0.3%, $71.69 dollars. The less active US crude contract for May, due Monday, fell 31 cents, or 0.4%, to $71.55.
However, the Brent and the US crude they wrote down their first weekly earnings in a month.
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Biden and the Republicans of the House of Representatives have little time to reach an agreement that raises the borrowing limit of the federal government, of US$31.4 billioneither risk default catastrophic.
He Treasury Department warned that the government may be unable to pay all your bills on 1st June.
Meanwhile, a fWhite House official said it was still possible to reach an agreement.
The markets were also spooked by the comments by Federal Reserve Chairman Jerome PowellThat the inflation is “well above” the Fed’s targetadding that no decision had yet been made on the next interest rate action.
Yes ok the possibility of further rate hikes raises concerns for the consumption of crude oil in the United States, prices could rise due to increased Chinese demand in 2023according to National Australia Bank analysts.
The production of Chinese oil refineries in April increased by 18.9% compared to the previous year, reaching the second highest level on recordaccording to data from this week.
Source: Ambito
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