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Oil prices began the week with a slight after posting a modest gain last week, with Brent crude trading above $75 and WTI trading above $71. Concerns over a potential U.S. default remain the primary bearish factor for oil markets even if the likelihood of a default remains low. If bearish sentiment continues to build this week, Brent could post its fifth monthly loss in a row, its worst performance since 2017. Crude oil prices started the week sluggishly, with the benchmarks declining slightly at the time of writing, after posting a modest gain for the previous week. Brent crude was trading at a bit over $75 per barrel at the time of writing and West Texas Intermediate was changing hands for just over $71 per barrel as demand recovery fought for traders’ attention alongside U.S. debt ceiling negotiations. The ongoing negotiations on the U.S. debt ceiling have in recent days become the primary bearish factor for oil as fears mount that a debt default is not out of the question. If it happens, it would decimate oil demand in the United States. If history is any indication, there will be an agreement before the federal government runs out […]
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