Oil trades steady as US debt ceiling risk drags on demand optimism; where are prices headed?2 min read 22 May 2023, 04:56 PM IST
Last week, both oil benchmarks- Brent crude and US WTI, gained about 2 per cent, their first weekly gain in five.
Oil prices were trading steady on May 22 as caution relating to US debt ceiling talks dragged on optimism over oil demand later in 2023. This phenomenon is likely to offset by support from lower supplies from Canada and OPEC+ producers. Discussions to avert a default on the US debt were set to resume in Washington, as the prospect of a default and resulting possible economic downturn and cooling of fuel demand continued to impact investor sentiment.
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