Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil prices jump after US debt deal and jobs data; focus turns to OPEC

    Oil prices jump after US debt deal and jobs data; focus turns to OPEC

    June 3, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp

     

    Oil prices rally as United States sanctions on Venezuela ease supply worries
    *Crude oil barrels

    London — 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.

    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.

    Markets were reassured by a bipartisan deal to 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.

    Earlier signals of a potential pause in rate hikes by 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.

    U.S. employment increased more than expected in May, but a moderation in wages could allow the Federal Reserve to skip an interest rate hike this month for the first time since embarking on a policy tightening campaign more than a year ago.

    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+.

    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.

    Sources told Reuters fresh output cuts are unlikely.

    On the demand side, the U.S. Institute for Supply Management (ISM) said its manufacturing PMI fell to 46.9 last month, the seventh-straight month below 50, indicating a contraction in activity.

    Meanwhile, manufacturing data out of China, the world’s second biggest oil consumer, painted a mixed picture.

    Reporting by Shadia Nasralla; additional reporting by Andrew Hayley; editing by Susan Fenton and Kirsten Donovan – Reuters

    Follow us on twitter

    Related News

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    Nigeria partners Brazil to develop methanol complex 

    Nigeria says divestment paying off as oil output rises

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.