World oil prices show downward dynamics

Oil&Gas Materials 30 May 2023 09:43 (UTC +04:00)
World oil prices show downward dynamics

BAKU, Azerbaijan, May 30. World oil prices declined on Tuesday morning, and markets continue to closely monitor the situation around the US government's debt ceiling, Trend reports.

According to the latest updated data, the price of August futures for Brent crude oil fell by 0.66 percent, reaching $76.59 per barrel, while July futures for WTI fell by 0.47 percent, amounting to $72.33.

Negotiations on raising the US government's debt ceiling remain one of the key topics in the markets.

According to the White House, President Joe Biden is in daily contact with congressional leaders to discuss the upcoming vote on the agreement, which is designed to increase the national debt ceiling and avoid default.

Market strategist Jun Rong Yeap (Yeap Jun Rong) from the IG Asia Pte agency (Singapore), commented on the situation.

"Given the weakening of the risks of default on US debt, which seems to have already been taken into account by expectations in general, the question is what further events may cause a more stable price increase," the strategist said.

The expert also points out that the quotes are also restrained by weak economic expectations and a high level of oil production in Russia.