Crude oil fluctuates as traders weigh unresolved U.S. debt limit
BNN Bloomberg
Oil fluctuated as traders weighed an unresolved U.S. debt-limit and mostly shrugged off a warning by Saudi Energy Minister Prince Abdulaziz bin Salman to short-sellers.
West Texas Intermediate for July traded near US$72 a barrel after that contract added 0.5 per cent on Monday. U.S. House Speaker Kevin McCarthy said he and President Joe Biden had a productive talk, although a deal to avert a default has yet to be struck. Before the meeting, Treasury Secretary Janet Yellen had warned it was now highly likely her department would run out of sufficient cash in early June.
At the Qatar Economic Forum, Saudi Arabia's top energy official warned oil short-sellers: “I keep advising them that they will be ouching — they did ouch in April,” he said at the event in Doha on Tuesday. “I would just tell them: Watch out!” Saudi Arabia, the de facto leader of the OPEC+ cartel, was among nations that surprised the global crude market recently with a supply cut that started to take effect from this month.
