Oil Prices Fall in Early Asian Trading

Oil prices fell in early Asian trading on Thursday after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts.

Brent crude futures slipped 5 cents, or 0.1%, to $78.31 a barrel. US West Texas Intermediate crude (WTI) fell 16 cents, or 0.2%, to $74.18.

Some progress had been made but several issues remained unresolved in US debt ceiling negotiations, House Speaker Kevin McCarthy said Thursday, as the deadline ticked closer to raise the federal government’s $31.4 trillion borrowing limit or risk default.

Oil prices rose 2% on Wednesday after data showed a decline in oil and fuel stocks in the United States, in addition to increasing speculation of further OPEC+ output cuts.

Source: Qatar News Agency