Oil prices fluctuate amidst supply drawdowns, solar investment growth, and debt ceiling uncertainty.
Oil prices are stable as fears of a potential US debt default weigh on prices, while the prospect of a further OPEC+ cut in early June provides some upward pressure. The Energy Information Administration reported a massive estimated drawdown in US crude oil inventories, higher gasoline production, and a draw in gasoline inventories, suggesting healthy demand. Saudi Energy Minister Abdulaziz bin Salman suggested OPEC+ might cut more output unless short sellers behave, which lent oil some upward pressure.