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☆ Oil settles up $2 on optimism about US debt ceiling, demand
  + stars: | 2023-05-17 | by ( Laura Sanicola | Thomson Reuters | Reports On Oil | ) www.reuters.com   time to read: +3 min
Summary U.S. crude stockpiles rise 5 mln bbl -EIAReuters poll forecast 900,000 bbl U.S. crude drawdownIEA predicts demand will outpace supply by 2 mln barrels per dayTOKYO, May 17 (Reuters) - Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60% of oil demand growth in 2023. Markets are in a "wait-and-watch mode" over the outcome of the debt ceiling negotiations, said Vandana Hari, founder of oil market analysis provider Vanda Insights.
☆ Oil little changed as demand worries spur caution
  + stars: | 2023-05-17 | by ( Katya Golubkova Sudarshan Varadhan | Katya Golubkova | Sudarshan Varadhan | ) www.reuters.com   time to read: +2 min
U.S. West Texas Intermediate crude edged down 2 cents to $70.84 as of 0222 GMT. "Crude prices remain heavy as energy traders just can't shake off global demand concerns. U.S. crude stockpiles rose by about 3.6 million barrels in the week ended May 12, according to market sources citing American Petroleum Institute figures. U.S. government data on crude and product stockpiles is due at 1430 GMT. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling.
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