Sunday, June 4, 2023

Texas oil falls 0.4% and closes at US$71.55 a barrel

The intermediate oil price of Texas (WTI) fell 0.4% this Friday and closed at $71.55 a barrel, after optimism about a deal between Democrats and Republicans on the US debt ceiling fades.

At the close of business in NYthe barrel of WTI for delivery in June gained $0.31 compared to the previous day’s close.

The negotiation on the debt ceiling between the Joe Biden Administration and Congress has stalled, as both parties admitted this Friday, who have increased contacts during the week to try to reach an agreement.

“The prices of raw They were having a great week as the US economic outlook improved dramatically as lawmakers seem likely to reach a debt ceiling deal,” said Edward Moya, Senior Market Analyst at OANDA.

However, “optimism about the ceiling of the debt it quickly disappeared on Friday and that pushed oil prices down considerably,” he added.

On the other hand, natural gas futures contracts for June fell US$0.007 to US$2.58, and gasoline futures due the same month gained US$0.007 to US$2.57.


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