{"id":10187,"date":"2023-05-17T22:45:01","date_gmt":"2023-05-18T02:45:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-creeps-lower-before-more-cues-on-u-s-debt-ceiling-economic-health\/"},"modified":"2023-05-17T22:45:02","modified_gmt":"2023-05-18T02:45:02","slug":"oil-creeps-lower-before-more-cues-on-u-s-debt-ceiling-economic-health","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10187","title":{"rendered":"Oil creeps lower before more cues on U.S. debt ceiling, economic health"},"content":{"rendered":"
\n

Investing.com– Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of the U.S. debt ceiling, with a slew of economic and monetary policy indicators lined up for later in the week.\u00a0<\/p>\n

Crude prices rallied over 3% on Wednesday after the Biden administration said that a deal on raising the U.S. debt limit could be reached as soon as this week, avoiding the possibility of a default.\u00a0<\/p>\n

The move buoyed market sentiment and helped oil prices recover from steep losses over the past four weeks. A measure of bargain buying also supported oil prices, as U.S. crude hit a support level of $70 a barrel.\u00a0<\/p>\n

But concerns over rising U.S. crude supplies and weakening global demand sapped the oil recovery of any momentum, with prices trending lower on Thursday.<\/p>\n

fell 0.2% to $76.65 a barrel, while fell 0.4% to $72.56 a barrel by 21:18 ET (01:18 GMT).\u00a0<\/p>\n

Data on Wednesday showed that unexpectedly surged in the week to May 12. This, coupled with data from the Energy Information Administration that U.S. drilling activity was likely more than expected through 2022, pointed to bloated supplies in the world\u2019s largest oil consumer.<\/p>\n

Still, a drop in pointed to some improvement in demand as the travel-heavy summer season approaches.<\/p>\n

Focus is now on more U.S. and data, due later in the day, to gauge the health of the U.S. economy. Softer-than-expected economic readings this week ratcheted up concerns that economic growth was cooling this year, which could stymie oil demand.<\/p>\n

Signals on monetary policy from a slew of Federal Reserve officials are also due in the remainder of the week, with set to speak on Friday. Several Fed officials offered a hawkish outlook on monetary policy this week, indicating that stubborn inflation could invite more interest rate hikes.<\/p>\n

This boosted the , pushing it to a near seven-week high, which in turn weighed on oil markets.\u00a0<\/p>\n

Concerns over slowing demand also persisted, as weaker-than-expected economic readings from China continued to pour in, suggesting that a post-COVID rebound in the world\u2019s largest oil importer was running out of fuel.<\/p>\n

This cast doubts over forecasts that China will drive oil demand to record highs this year.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of the U.S. debt ceiling, with a slew of economic and monetary policy indicators lined up for later in the week.\u00a0 Crude prices rallied over 3% on Wednesday after the Biden […]<\/p>\n","protected":false},"author":1,"featured_media":2443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-10187","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil creeps lower before more cues on U.S. debt ceiling, economic health | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10187\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil creeps lower before more cues on U.S. debt ceiling, economic health | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com-- Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=10187\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-18T02:45:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-18T02:45:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/LYNXNPEC1N0KH_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=10187#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=10187\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil creeps lower before more cues on U.S. debt ceiling, economic health\",\"datePublished\":\"2023-05-18T02:45:01+00:00\",\"dateModified\":\"2023-05-18T02:45:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=10187\"},\"wordCount\":391,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=10187#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=10187\",\"url\":\"https:\/\/ifintechworld.com\/?p=10187\",\"name\":\"Oil creeps lower before more cues on U.S. debt ceiling, economic health | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-18T02:45:01+00:00\",\"dateModified\":\"2023-05-18T02:45:02+00:00\",\"description\":\"Investing.com-- Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=10187#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=10187\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=10187#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil creeps lower before more cues on U.S. debt ceiling, economic health\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil creeps lower before more cues on U.S. debt ceiling, economic health | iFintechWorld","description":"Investing.com-- Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=10187","og_locale":"en_US","og_type":"article","og_title":"Oil creeps lower before more cues on U.S. debt ceiling, economic health | iFintechWorld","og_description":"Investing.com-- Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of","og_url":"https:\/\/ifintechworld.com\/?p=10187","og_site_name":"iFintechWorld","article_published_time":"2023-05-18T02:45:01+00:00","article_modified_time":"2023-05-18T02:45:02+00:00","og_image":[{"width":800,"height":534,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/LYNXNPEC1N0KH_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=10187#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=10187"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil creeps lower before more cues on U.S. debt ceiling, economic health","datePublished":"2023-05-18T02:45:01+00:00","dateModified":"2023-05-18T02:45:02+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=10187"},"wordCount":391,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=10187#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=10187","url":"https:\/\/ifintechworld.com\/?p=10187","name":"Oil creeps lower before more cues on U.S. debt ceiling, economic health | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-18T02:45:01+00:00","dateModified":"2023-05-18T02:45:02+00:00","description":"Investing.com-- Oil prices edged lower on Thursday after logging sharp gains in the prior session as markets awaited more cues on the potential lifting of","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=10187#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=10187"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=10187#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil creeps lower before more cues on U.S. debt ceiling, economic health"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/10187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10187"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/10187\/revisions"}],"predecessor-version":[{"id":10188,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/10187\/revisions\/10188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2443"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}