Oil prices struggle amidst economic uncertainty and demand concerns.
TL;DR
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.
- Oil Prices Sink As Economic Concerns Continue To Dominate Markets OilPrice.com
- Oil falls as economic concerns offset prospect of tighter supplies Yahoo Finance
- Oil prices rise as tight supplies compete with economic concerns Reuters
- Debt ceiling deal seen boosting West Texas Intermediate prices Houston Chronicle
- Oil Holds Fourth Weekly Decline as Concerns Over Demand Linger Yahoo Finance
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