Oil edged higher as investors watched for progress on lobbying campaigns to win approval for a US debt-ceiling deal to avert a default.
(Bloomberg) — Oil edged higher as investors watched for progress on lobbying campaigns to win approval for a US debt-ceiling deal to avert a default.
West Texas Intermediate futures rose to near $73 a barrel from Friday’s close after there was no settlement Monday due to a US holiday. The White House and Republican congressional leaders stepped up their lobbying of lawmakers to support the bill after a tentative agreement was reached over the weekend.
Oil is still around 9% lower this year as China’s lackluster economic recovery following the end of Covid Zero and the Federal Reserve’s aggressive monetary tightening campaign weighed on the demand outlook. Russian supply has also been resilient, even after the nation said it would cut output.
Traders will be on the lookout for further signals about supply from OPEC+ before the group meets June 3-4 to set its output policy. Saudi Arabia and Russia recently offered conflicting signals on the potential for the collective to alter its production levels.
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