© REUTERS Oil nears stability, holiday in US and UK and ceiling on radar and OPEC+Futures traded near stability this Monday, the 29th. News of an agreement between the government and the opposition to raise the debt ceiling in the United States gave some support to the business, but the momentum did not last. Low trading due to US and UK holidays.
In addition, there were expectations for a meeting of the Organization of the Petroleum Exporting Countries and Allies (OPEC+) in early June.
Oil for August ended up 0.16% (US$0.12) at US$77.10 a barrel on the Intercontinental Exchange (ICE).
At 2pm (Brasilia time), the WTI contract for July delivery on the New York Mercantile Exchange (NYMEX) was up 0.40% at US$72.96 a barrel.
The deal between Democratic President Joe Biden’s government and the opposition Republican Party, which controls the House of Representatives, removed uncertainty from markets.
However, the reaction was affected by a holiday in the US, with stock markets in London also closed for a local holiday.
In this context, oil rose at the start of the day, but the breather did not last, and the commodity is operating closer to stability. Expectations for the OPEC+ meeting were dubious that the group would be able to further cut supply to support prices.
ANZ commented in a statement that sentiment among commodities could be underpinned by the US debt ceiling deal, adding that “bullish rhetoric” ahead of the OPEC+ meeting would act to support prices.
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.