- Oil heads for a weekly loss despite partial rebound following the U.S. debt deal
- July ’23 WTI gained $1.71 this morning to trade around 72/Bbl
- Equities trade higher while the U.S. dollar weakened relative to its recent highs
- The U.S. Senate has passed legislation to suspend the debt ceiling and limit spending until 2024
- Prices were also supported by US job growth beating expectations in May; the unemployment rate rises to 3.7%
- The market awaits this weekend’s OPEC meeting, with expectations of unchanged output despite Saudi Arabia's energy minister warning speculators
- OPEC's Voluntary Cuts Decrease May's Crude Output (Bloomberg)
- OPEC's production dropped by 0.5 MMBbl/d to 28.26 MMBbl/d in May due to voluntary cuts, according to a Bloomberg survey
- Despite major cuts from Saudi Arabia, a rebound in production in Angola, Nigeria, and Iraq offset the cuts partially
- Crude prices briefly surged following OPEC's announced cuts in early April but concerns over global economic health soon dampened the rally