Oil price bounces after House votes through debt-ceiling bill, inventories cap gains WTI Brent Oil Technical Analysis Fundamental Analysis
when sellers dominated the market. The rebound came after the US debt-ceiling extension bill was successfully voted through the House of Representatives, late on Wednesday evening. Oil price gained further support after several US Federal Reserve officials said they thought interest rates should be left as they are at the next
Uncertainty over whether the Fed will hike or hold at the June 14 meeting shifted towards holding on Wednesday after Fed’s Philip Jefferson said he thought a pause before more hikes later might allow the economy time to digest current tightening and avoid bank stress. Jefferson’s view of ‘pausing’ in June was backed up by Philadelphia Fed President Patrick Harker.
Two of OPEC+’s largest members, Russia and Saudi Arabia, appear to be clashing over policy ahead of the next OPEC meeting on June 4. Last week, representatives of the two countries gave conflicting messages about the likely trajectory of the up-and-coming OPEC+ meeting. Oil price needs to climb back above the $74.70 May 24 highs to raise doubts about the dominant bearish trend.
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