Oil prices fell at the beginning of Asian trading today, in light of the uncertainty that the United States will avoid defaulting on its obligations, which outweighed the impact of the possibility of the “OPEC Plus” alliance making more production cuts.
Brent crude futures fell 5 cents, or 0.1%, to $78.31 a barrel, while US West Texas Intermediate crude fell 16 cents, or 0.2%, to $74.18.
In parallel, Kevin McCarthy, Speaker of the House of Representatives, announced that some progress has been made in the negotiations to raise the US debt ceiling, but there are still many outstanding issues, while the deadline approaches to raise the federal government’s borrowing limit of $ 31.4 trillion, or risk defaulting on obligations.
And oil prices rose 2% yesterday, “Wednesday”, after a large sudden decline in US oil stocks, in addition to increasing speculation about new production cuts from the “OPEC Plus” alliance.
It is noteworthy that the “OPEC Plus” alliance includes 23 countries, including the 13 members of the Organization of Petroleum Exporting Countries “OPEC”.
