Oil futures drift a shade lower early Thursday as investors watch debt-ceiling talks.
Oil futures edged lower early Thursday as investors kept tabs on debt-ceiling negotiations, a day after crude bounced to its highest finish in a week.
Price actionMarket drivers Crude oil futures found support Wednesday after upbeat comments by President Joe Biden and House Speaker Kevin McCarthy on talks toward lifting the debt ceiling and averting a potentially catastrophic default by the federal government. See:... Oil futures edged lower early Thursday as investors kept tabs on debt-ceiling negotiations, a day after crude bounced to its highest finish in a week.
Price action Market drivers Crude oil futures found support Wednesday after upbeat comments by President Joe Biden and House Speaker Kevin McCarthy on talks toward lifting the debt ceiling and averting a potentially catastrophic default by the federal government.Talks have yet to produce a breakthrough, however.Analysts said concerns over supply may be undercutting crude, which was struggling to extend gains as other assets perceived as risky remained on the rise.
“The fact that Investors continue to cheer that the two most extensive markets overhangs are easing and oil is not bouncing higher in tandem with broader risk sentiment today continues to suggest supply, not demand, is hurting the bullish thesis with the ubiquitous dark fleets moving Russian and Iraqi oil to destinations around the world and keep inventories topped,” said Stephen Innes, managing director of SPI Asset Management, in a note.
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