{"id":12394,"date":"2023-05-23T00:55:23","date_gmt":"2023-05-23T04:55:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-rises-further-on-prospect-of-improved-demand-debt-ceiling-hopes\/"},"modified":"2023-05-23T00:55:23","modified_gmt":"2023-05-23T04:55:23","slug":"oil-rises-further-on-prospect-of-improved-demand-debt-ceiling-hopes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12394","title":{"rendered":"Oil rises further on prospect of improved demand, debt ceiling hopes"},"content":{"rendered":"
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Investing.com — Oil prices rose in early Asian trade on Tuesday, extending gains into a third straight session as markets bet on an improvement in U.S. fuel demand ahead of the memorial day weekend, while a positive tone from lawmakers on raising the debt ceiling also aided sentiment.<\/p>\n

U.S. shot up this week as markets bet that fuel consumption will pick up with the start of the summer season, which is usually marked by the memorial day weekend.\u00a0<\/p>\n

A sustained drop in U.S. over the past two weeks also indicated that demand was picking up. This, coupled with disruptions in Canadian supply due to wildfires in the oil-rich Alberta province, pointed to tighter oil markets in the coming months.<\/p>\n

\u00a0futures rose 0.5% to $76.42 a barrel, while futures rose 0.6% to $72.50 a barrel by 21:33 ET (01:33 GMT). Both contracts were set for a third straight day of gains.<\/p>\n

Positive comments from Democrat and Republican lawmakers on reaching a potential deal to raise the U.S. spending limit also aided sentiment, as House Speaker Kevin McCarthy said that Americans should not prepare for a U.S. default.<\/p>\n

The debt ceiling has been a key source of concern for markets over the past few weeks, amid concerns over the economic fallout from a potential U.S. default. Treasury Secretary Janet Yellen flagged a mid-June deadline for the U.S. government to run out of funding.<\/p>\n

But despite the positive cues, oil prices were still trading lower so far in 2023, hit chiefly by concerns over slowing economic growth and weaker-than-expected Chinese demand.<\/p>\n

Disappointing economic indicators from the world\u2019s largest oil importer battered crude prices over the past month, as markets second-guessed forecasts that China will drive oil demand to record highs this year.<\/p>\n

An economic rebound in the country appeared to be slowing after a strong first quarter, which also saw the country\u2019s oil imports drop through April.\u00a0<\/p>\n

Still, both the OPEC and the International Energy Agency recently reiterated their forecasts for Chinese demand this year, and forecast a wide shortfall in global oil supply in the second half of the year.\u00a0<\/p>\n

Uncertainty over the path of U.S. monetary policy also weighed on oil markets in recent weeks, as markets bet that , pressuring economic activity.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

Investing.com — Oil prices rose in early Asian trade on Tuesday, extending gains into a third straight session as markets bet on an improvement in U.S. fuel demand ahead of the memorial day weekend, while a positive tone from lawmakers on raising the debt ceiling also aided sentiment. 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