Oil Prices Stabilize Despite US Inventory Growth and Debt Ceiling Bill Vote

Oil prices stabilized on Thursday, as a report on inventory growth in the United States, the world’s largest oil consumer, overshadowed the prospects for a halt to raising interest rates in the United States and a decisive vote in the House of Representatives on the government’s debt ceiling bill.

Officials from the US Federal Reserve on Wednesday indicated the possibility of fixing interest rates this month. The US House of Representatives has approved a bill suspending the $31.4 trillion debt ceiling, boosting chances of avoiding a catastrophic government default.

Brent crude futures rose ten cents, or 0.14 percent, to $72.50 a barrel by 1339 GMT, and US West Texas Intermediate crude rose seven cents, or 0.1 percent, to $68.16 a barrel.

Both benchmarks witnessed sharp declines on Tuesday and Wednesday.

Market sources quoted figures issued on Wednesday by the American Petroleum Institute as saying that crude stocks in the United States rose by about 5.2 million barrels last week. Government data on inventories is due at 1430 GMT Thursday.

2023-06-01 15:01:17
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