What is the US debt ceiling deal and how is it affecting oil prices?
Known as the Fiscal Responsibility Act of 2023, the bill provides for an increase to the debt ceiling of $31.4 trillion for two years, which means President Joe Biden will not need to negotiate it again before the November 2024 presidential election.
Ahead of the OPEC+ meeting on June 4, the oil market sentiment has dampened over worries of the US debt ceiling agreement has offered a relief rally and cooled down investor's temperament to take risks. US President Joe Biden and House Republicans reached a deal on Sunday to raise the government's debt ceiling and avert a devastating default, which could have a ripple effect on the banking and world economy.
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