Oil prices fluctuate amidst OPEC meeting and US debt deadline uncertainty.
Oil markets are on edge ahead of the next OPEC+ meeting and the US debt deadline. Conflicting messages from Russia and Saudi Arabia have kept WTI and Brent prices trending sideways. Meanwhile, global spending on renewable energy is set to surge to $1.7 trillion this year, with solar investments overtaking oil for the first time in history. The US government will hold its first auction of oil and gas drilling rights on federal lands since the IRA was passed last year. Pressure is building on COP28, with more than 130 politicians calling for the removal of the UAE's Sultan al-Jaber.