Oil prices sank today on concerns that Congress will not ratify the latest US spending deal. “The big elephant in the room is the continued drama over the debt ceiling, said Phil Flynn, an analyst at Price Futures Group. Until we get the votes, the market is going to be on edge. There has also been mixed messaging from the major oil producers regarding Sunday’s OPEC+ meeting and the question of production volumes. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 MM\/bpd, bringing the total volume of cuts by OPEC+ to 3.66 MM\/bpd. WTI traded down $3.21 or -4.4% to close at $69.46. Brent traded down $3.53 or -4.5% to close at $73.54<\/p>\n\n\n\n
The big elephant in the room is the continued drama over the debt ceiling<\/p>\n","protected":false},"author":2,"featured_media":906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n