Oil prices weighed down by OPEC+ uncertainty, US debt ceiling worries

News Image

By MG News | May 26, 2023 at 10:46 AM GMT+05:00

0:00

May 26, 2023 (MLN): Oil prices softened in the early Asia trading session on Friday, amid mixed signals from Russia and Saudi Arabia ahead of the upcoming OPEC+ policy meeting, on top of the stronger dollar.

Brent crude is currently trading at $76.17 per barrel, up by 0.29% on the day.

While West Texas Intermediate crude (WTI) is standing at $71.96 per barrel, up by 0.26% on the day.

Notably, both benchmarks fell sharply yesterday, with Brent crude and WTI dropping by 2.81% and 3.2% respectively.

This drop came as Russian Deputy Prime Minister Alexander Novak said he expected no new steps from the OPEC+ group of oil producers at its meeting in Vienna on June 4.

Market participants reacted this way as the group had previously announced a significant output cut earlier this year.

Moreover, Investors are remaining cautious as the debt ceiling has still not been finalized after the talks on Thursday, and the clock is ticking with less than a week left before June 1.

However, some progress has been made on the debt ceiling, Democratic President Joe Biden and top congressional Republican Kevin McCarthy called the talks productive that were held on Wednesday.

McCarthy stated yesterday that negotiators have made some progress on the debt ceiling.

However, the downside is capped to an extent due to the gain in oil prices can also be attributed to increase in U.S. gasoline futures in the previous trading session ahead of the Memorial Day holiday on May 29 which usually signals the beginning of the high summer fuel demand season.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 133,474.43
125.06M
0.08%
104.29
ALLSHR 83,248.26
462.56M
0.20%
167.11
KSE30 40,714.19
41.87M
0.02%
8.88
KMI30 192,150.35
50.14M
-0.22%
-430.33
KMIALLSHR 55,855.43
261.75M
0.04%
19.72
BKTi 36,496.98
8.54M
0.50%
179.81
OGTi 28,532.11
4.69M
-0.04%
-10.84
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,595.00 108,880.00
107,680.00
140.00
0.13%
BRENT CRUDE 69.29 69.50
69.03
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.90
3.07%
ROTTERDAM COAL MONTHLY 106.00 106.75
106.00
0.25
0.24%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 67.55 67.97
67.40
-0.38
-0.56%
SUGAR #11 WORLD 16.25 16.46
16.07
-0.13
-0.79%

Chart of the Day


Latest News
July 08, 2025 at 12:04 PM GMT+05:00

Saudi Riyal available at PKR 76.4 in open market


July 08, 2025 at 11:55 AM GMT+05:00

NBP leads Pakistan’s banks in shareholder value surge


July 08, 2025 at 11:39 AM GMT+05:00

Pakistan-Afghanistan railway talks progress


July 08, 2025 at 10:42 AM GMT+05:00

Pakistan moves to regulate crypto with PVARA approval



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg