{"id":1941866,"date":"2023-06-01T10:00:02","date_gmt":"2023-06-01T14:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-steadies-as-u-s-debt-bill-progress-balanced-by-higher-inventories\/"},"modified":"2023-06-01T10:02:20","modified_gmt":"2023-06-01T14:02:20","slug":"oil-steadies-as-u-s-debt-bill-progress-balanced-by-higher-inventories","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-steadies-as-u-s-debt-bill-progress-balanced-by-higher-inventories\/","title":{"rendered":"Oil stabilizes amid progress on U.S. debt bill and increased inventories."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-steadies-as-u-s-debt-bill-progress-balanced-by-higher-inventories%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1941866&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Oil Steadies as U.S. Interest Rates and Debt Ceiling Bill Take Center Stage<\/h2>\n<blockquote>\n<p>By Alex Lawler<\/p>\n<p>LONDON (Reuters) &#8211; Oil steadied on Thursday as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world\u2019s biggest oil consumer.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n\t<script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });\n\t<\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government\u2019s debt ceiling, improving the chance of averting a disastrous default.<\/p>\n<p>Brent crude futures rose 2 cents to $72.62 a barrel by 1026 GMT while U.S. West Texas Intermediate crude (WTI) gained 3 cents to $68.12. Both benchmarks fell on Tuesday and Wednesday.<\/p>\n<p><strong>\u201cOil markets may have been oversold in the last two trading days,\u201d<\/strong> said CMC Markets analyst Tina Teng. <strong>\u201cSentiment rebounded amid the debt bill\u2019s passage in the House and (the) Fed\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-steadies-as-u-s-debt-bill-progress-balanced-by-higher-inventories\/\" title=\"Oil stabilizes amid progress on U.S. debt bill and increased inventories.\">rate hike pause signal<\/a>.\u201d<\/strong><\/p>\n<h3>Mixed Demand Indications and Rising Inventories Weigh on Market<\/h3>\n<p>Mixed demand indications from China, the world\u2019s biggest oil importer, have nonetheless weighed on the market, as has industry data showing a rise in U.S. crude inventories.<\/p>\n<p><strong>\u201cThe current mood is one of pessimism,\u201d<\/strong> said Tamas Varga of oil broker PVM. <strong>\u201cInvestors have been pragmatic and risk averse of late.\u201d<\/strong><\/p>\n<p>Market sources citing American Petroleum Institute (API) figures on Wednesday said that U.S. crude inventories rose by about 5.2 million barrels last week. Government stocks data is due at 1430 GMT on Thursday. [EIA\/S]\n<p>Also in focus is the June 4 meeting of the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia after mixed signals on whether further production cuts are likely.<\/p>\n<p>(Reporting by Alex Lawler Additional reporting by Arathy Somasekhar in Houston and Andrew Hayley in Beijing Editing by David Goodman)<\/p>\n<h2>Other Headlines<\/h2>\n<ul>\n<li><strong>China postures against a timid Biden Administration.<\/strong><\/li>\n<li><strong>Mike Pence is planning to enter the 2024 presidential race next week.<\/strong> Reports say the former vice president will launch his campaign next Wednesday with a rally in Des Moines, Iowa.<\/li>\n<li><strong>The White House announces another round of aid for Ukraine.<\/strong> Today National Security Spokesman John Kirby affirmed Russia has continued to wage a brutal and unprovoked war against Ukraine.<\/li>\n<li><strong>If the House passes the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-clears-debt-ceiling-resolution-in-a-314-117-vote\/\" title=\"House approves debt ceiling resolution with 314-117 vote.\">debt ceiling bill today<\/a>, as Speaker McCarthy believes it will,<\/strong> the bill will then proceed to the Senate where it will require 60 votes before it can be sent to President Biden\u2019s desk.<\/li>\n<li><strong>Apple Inc supplier Foxconn will start manufacturing iPhones in the southern state of Karnataka by April 2024,<\/strong> the state of Karnataka&#8217;s minister of large and medium industries said on Thursday, as Apple seeks to diversify its supply chain beyond China.<\/li>\n<li><strong>An Italian senator has surprised his colleagues by reading out in parliament a speech drafted by a chatbot,<\/strong> saying it highlighted the need for lawmakers to protect jobs as automation takes over. The speech was drafted by an algorithm developed by the Institute of Computational Linguistics in Pisa.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oil stabilized on Thursday despite rising inventories in the world&#8217;s largest oil consumer, as a potential halt in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill provided support. Federal Reserve officials hinted at a pause in interest rates, which could boost demand for oil.<\/p>\n","protected":false},"author":66,"featured_media":1941867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[5487,7729,28043,7393,7308,28045,7238],"class_list":["post-1941866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-debt","tag-increased","tag-inventories","tag-oil","tag-progress","tag-stabilizes","tag-u-s"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1941866"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1941867"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1941866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1941866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1941866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}