Oil prices fluctuate amidst debt bill progress and inventory levels.

Oil prices stabilized as the US Federal Reserve hinted at a pause in interest rate hikes and the US House of Representatives passed a bill suspending the government's debt ceiling. However, rising inventories in the US, the world's biggest oil consumer, and mixed demand indications from China have weighed on the market. The OPEC+ producer group's June 4 meeting is also in focus, with uncertainty over whether further production cuts are likely.