|
Oil prices climb for second straight day
Oil prices rose in European trade for the second straight day amid growing fears about a supply deficit in the second half of the year.
Optimism is also growing about US debt ceiling talks following fruitful talks between US President Joe Biden and top Congressional Republican leader Kevin McCarthy.
Global Prices
US crude rose 1.5% to $73.11 a barrel, with a session-low at $71.76, while Brent added 1.25% to $77.01 a barrel.
US crude rose 0.4% on Monday, while Brent added 0.1%, the first profit in three days.
The IEA
The EIA warned in its last monthly meeting of an upcoming shortage that might occur in the second half of the year, with demand expected to surpass supplies by nearly 2 million bpd.
The increase is mainly fuelled by improving Chinese demand, in addition to steep output cuts by OPEC+.
US Demand
US demand is also improving as seasonal demand grows on gasoline starting next week in the US.
US Debt Ceiling Talks
US President Joe Biden and top Congressional Republican Kevin McCarthy didn't reach a compromise on the debt ceiling crisis, however negotiations are still ongoing and progressing to avoid a catastrophic default.
American Petroleum Institue
Later today, the American Petroleum Institute will release data on US crude stocks, expected to show an increase for the third week in a row.
Thanks for your feedback.
Dollar approaches two-month high after aggressive Fed remarks
Dollar rose in European trade for a second session against a basket of major rivals, almost touching two-month highs as US 10-year treasury yields spike.
MoreGold hovers near six-week trough as dollar heaps pressure
Gold prices declined in European trade for a second session, almost touching six-week lows under pressure from the stronger dollar against major rivals.
MoreSterling hovers near three-week low ahead of major UK data
Sterling declined in European trade against a basket of major rivals, extending losses for the second day against dollar and almost hitting three-week lows ahead of important UK data and a hearing session in parliament about Bank of England's monetary policy report.
More