Oil's Volatility Continues Amidst Debt and Supply Concerns
TL;DR Summary
Oil prices fell due to concerns around the US debt ceiling talks and China's faltering economic recovery, offsetting support from lower supplies from Canada and OPEC+ producers. The resumption of US debt ceiling negotiations will remain a key driver for crude and risk sentiment this week. Total exports of crude and oil products from OPEC+ plunged by 1.7 million bpd by May 16, and Russian oil exports will likely fall by late May. The US oil rig count fell by 11 to 575 in the week to May 19, the biggest weekly drop since September 2021.
Topics:business#chinas-economic-recovery#energy#oil-prices#opec#russian-oil-exports#us-debt-ceiling-talks
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