SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill.
If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said.
Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market.
Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output.
However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.
Persons:
Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed
Organizations:
PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson
Locations:
Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia