The price of oil falls on the American stock market

2023-05-30 10:55:52Kosova&Bota SHKRUAR NGA REDAKSIA VOX
The price of oil falls on the American stock market
Illustrative photo

Oil prices fell on Tuesday as investors worried about the lack of progress in negotiations between Democrats and Republicans in Washington to raise the debt ceiling.

On the Texas Stock Exchange, a barrel of crude oil is trading at a quote of about $76 per barrel.

President Joe Biden and House Speaker McCarthy reached a tentative deal on the debt over the weekend, but it must be approved by Congress, which so far remains divided.

The deal must be reached before June 5, the day the Treasury Department says the country will be unable to meet its financial obligations, which could send tremors through financial markets.

"Contradictory statements from Republicans and lawmakers are discouraging investors," says Priyanka Sachdeva, a market analyst.

Oil prices are expected to be affected by the results of the meeting of OPEC countries and allies, including Russia. In April, Saudi Arabia and OPEC members announced further oil production cuts of about 1.2 million barrels per day.


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