Oil Prices Fluctuate Amidst U.S. Debt Talks and Bullish Sentiment

Oil prices are set for their first weekly gain in a month due to optimism surrounding US debt ceiling talks and gasoline demand. Western countries have called for increased surveillance over ship-to-ship crude transfers, Alberta wildfires are threatening oil sands production hubs, and Equitrans Midstream's Mountain Valley pipeline has been approved by the Biden Administration. Russia claims to have fulfilled its pledge to cut crude production, Saudi Aramco has halted its Safaniyah oil field expansion, and Chinese firms are eyeing investment in Woodside Energy's Scarborough LNG project.