Oil prices struggle amidst economic uncertainty and demand concerns.

Oil prices have fallen below $70 for West Texas Intermediate and below $74 for Brent due to concerns over the US debt default and uneven reopening in China. Congress needs to agree on a higher debt ceiling as soon as possible, as the state's coffers will run out by June 1st. The market is looking out for potential demand revisions in this month's IEA report. Since the start of the year, oil has lost some 13%, and traders have accumulated the largest short position on the commodity since July 2021.