{"id":5779,"date":"2023-06-02T13:46:42","date_gmt":"2023-06-02T13:46:42","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5779"},"modified":"2023-06-02T13:49:37","modified_gmt":"2023-06-02T13:49:37","slug":"oil-prices-jump-after-us-debt-deal-and-jobs-data-as-focus-turns-to-opec","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5779\/","title":{"rendered":"Oil prices jump after US debt deal and jobs data as focus turns to OPEC"},"content":{"rendered":"
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Roydad Naft News Agency – Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer and jobs data indicated a possible rate hike pause, while attention turned to a meeting of OPEC ministers and their allies at the weekend.<\/p>\n\n\n\n

Brent crude futures were up $1.88, or 2.5%, at $76.16 a barrel by 1328 GMT, while U.S. West Texas Intermediate crude (WTI) rose $1.85, or 2.6%, to $71.95 a barrel. Still, both contracts were headed for their first weekly loss in three weeks.<\/p>\n\n\n\n

Markets were reassured by a\u00a0bipartisan deal\u00a0to suspend the limit on the U.S. government’s $31.4 billion debt ceiling, which staved off a sovereign default that would have rocked global financial markets.<\/p>\n\n\n\n

Earlier signals of a potential\u00a0pause in rate hikes\u00a0by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar , making oil cheaper for holders of other currencies.<\/p>\n\n\n\n

U.S. employment\u00a0increased more than expected\u00a0in May, but a moderation in wages could allow the Federal Reserve to skip an\u00a0interest rate hike this month\u00a0for the first time since embarking on a policy tightening campaign more than a year ago.<\/p>\n\n\n\n

Investor attention is also fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+.<\/p>\n\n\n\n

OPEC+ in April announced a surprise cut of 1.16 million barrels per day, but the gains from that move have since been retraced and prices are below pre-cut levels.<\/p>\n\n\n\n

Sources told Reuters\u00a0fresh output cuts are unlikely.<\/p>\n\n\n\n

On the demand side, the U.S. Institute for Supply Management (ISM) said its manufacturing PMI fell to 46.9 last month,\u00a0the seventh-straight monthbelow 50, indicating a contraction in activity.<\/p>\n\n\n\n

Meanwhile, manufacturing data out of China, the world’s second biggest oil consumer,\u00a0painted a mixed picture.<\/p>\n

Updated on