{"id":15227,"date":"2023-05-29T09:07:28","date_gmt":"2023-05-29T13:07:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-edge-lower-as-debt-limit-deal-optimism-tempered-by-fed-rate-concerns\/"},"modified":"2023-05-29T09:07:28","modified_gmt":"2023-05-29T13:07:28","slug":"oil-prices-edge-lower-as-debt-limit-deal-optimism-tempered-by-fed-rate-concerns","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15227","title":{"rendered":"Oil prices edge lower as debt limit deal optimism tempered by Fed rate concerns"},"content":{"rendered":"
\n

Investing.com —\u00a0Oil prices dropped on Monday, paring back earlier gains, as optimism over the debt ceiling agreement was tempered by renewed expectations that the will carry on with its long-running campaign of interest rate hikes.<\/p>\n

By 07:00 ET (11:00 GMT), futures traded 0.15% lower at $72.56 a barrel, while the contract slipped 0.30% to $76.75 per barrel. Volumes are expected to remain muted with U.S. and U.K. markets closed for a holiday.<\/p>\n

Both of the benchmarks, which are coming off of two consecutive weeks of gains, were initially boosted by hopes that the deal to lift the $31.4 trillion U.S. debt limit would help the world’s largest economy – and biggest oil consumer – avoid a potentially catastrophic default.<\/p>\n

However, traders remained concerned over the possibility that the Fed will decide to increase borrowing costs following a hotter-than-anticipated April reading of the U.S. central bank’s . The uptick could weigh on oil demand, analysts cited by Reuters flagged.<\/p>\n

Fed officials still have more data to sift through before their June meeting, including the report for May. Economists predict that the closely-watched jobs report, due out on Friday, will show that the U.S. economy added 180,000 jobs in May, down from 253,000 last month.<\/p>\n

The CME FedWatch Tool, which aims to track the , now shows that there is a 66.42% chance the Fed will lift rates by a quarter-point at its June meeting, up from 25.66% a week ago. Conversely, there is a 33.58% probability that the bank will keep rates unchanged, down from 74.34% last Monday.<\/p>\n

Elsewhere, the Organization of Petroleum Exporting Countries and its allies including Russia are set to meet on Sunday, with some uncertainty surrounding whether the group will slash production levels.<\/p>\n

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

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

Investing.com —\u00a0Oil prices dropped on Monday, paring back earlier gains, as optimism over the debt ceiling agreement was tempered by renewed expectations that the will carry on with its long-running campaign of interest rate hikes. 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