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Thursday, June 1, 2023
Government and PoliticsDebt ceiling and Novak statements push oil to deepen losses

Debt ceiling and Novak statements push oil to deepen losses


The United States is days away from a potential default, which would trigger a storm of trouble for American consumers and the American economy, and send shockwaves through the entire global financial system.

US President Joe Biden’s administration and Republicans are currently facing an impasse over raising the federal debt ceiling to $31.4 trillion, with each calling the other’s proposals very extreme.

Meanwhile, Russian Deputy Prime Minister Alexander Novak said he expected no further steps from the OPEC+ group at its June 4 meeting.

“I don’t think there will be any further steps because just a month ago some decisions were made on voluntary oil production cuts by some countries, due to the fact that we have seen the slow of the global economic recovery,” Novak said.

Brent crude has lost around 10% of its value since the start of the year, amid demand concerns and a regional banking crisis in the United States that has rattled financial markets.

price movements

Brent crude fell $2.89, or 3.69%, to $75.41 a barrel as of 1600 GMT.

Nymex crude fell $3.04, or 4.12%, to $71.31 a barrel.

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Arab Desk
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