{"id":5713,"date":"2023-05-29T13:06:35","date_gmt":"2023-05-29T13:06:35","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5713"},"modified":"2023-05-29T13:09:38","modified_gmt":"2023-05-29T13:09:38","slug":"oil-steady-after-us-debt-deal-but-rate-hike-worries-linger","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5713\/","title":{"rendered":"Oil steady after US debt deal but rate hike worries linger"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world&#8217;s largest economy and oil consumer, but concerns about further interest rate hikes capped gains.<\/p>\n\n\n\n<p>Brent crude futures slipped 20 cents, or 0.2%, to $76.75 a barrel by 1055 GMT, while U.S. West Texas Intermediate crude was at $72.58 a barrel, down 9 cents, or 0.1%.<\/p>\n\n\n\n<p>Trade is expected to be subdued on Monday because of UK and U.S. holidays.<\/p>\n\n\n\n<p>U.S. President Joe Biden and House Speaker Kevin McCarthy over the weekend forged\u00a0an agreementto suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Both leaders\u00a0expressed confidence\u00a0that members of the Democratic and Republican parties will vote to support the deal.<\/p>\n\n\n\n<p>Reaching the agreement and coming closer to avoiding a default on U.S. debt renewed investor appetite for riskier assets such as commodities.<\/p>\n\n\n\n<p>Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil.<\/p>\n\n\n\n<p>&#8220;We could see more gains as a relief rally gets under way in the broader financial markets when the U.S. comes back from the long Memorial Day weekend,&#8221; said Vandana Hari, founder of oil market analysis provider Vanda Insights.<\/p>\n\n\n\n<p>Still, analysts see any boost in oil prices from the debt deal as short-lived.<\/p>\n\n\n\n<p>The U.S. Federal Reserve may still raise interest rates in June, IG&#8217;s Sydney-based analyst Tony Sycamore said: &#8220;Higher U.S. rates are a headwind for crude oil demand,&#8221; he added.<\/p>\n\n\n\n<p>Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, is due to meet on June 4.<\/p>\n\n\n\n<p>Saudi energy minister\u00a0Abdulaziz bin Salman warned short-sellers betting that oil prices will fall to &#8220;watch out&#8221;, in a possible signal that OPEC+ may further cut output.<\/p>\n\n\n\n<p>However,\u00a0comments\u00a0from Russian oil officials and sources, including Deputy Prime Minister\u00a0Alexander Novak, indicate the world&#8217;s third-largest oil producer is leaning towards leaving output unchanged.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-05-29T13:09:38+00:00\"> 29 May 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world&#8217;s largest economy and oil consumer, but concerns about further interest rate hikes capped gains. Brent crude futures slipped 20 cents, or 0.2%, to $76.75 a barrel by 1055 [&hellip;]","protected":false},"author":1,"featured_media":5714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=5713"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5714"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5713"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}