(New York) Oil prices ended higher on Monday, in a market that continues to operate within tight margins and is only moderately worried, for now, about the US debt crisis and a possible US default.
The price of Brent crude from the North Sea for July delivery gained 0.54%, to close at $75.99.
As for the barrel of American West Texas Intermediate (WTI), with maturity in June, of which it was the last day of quotation, it took 0.61% to 71.99 dollars.
Operators are closely following the US debt ceiling file, which is progressing only slowly and has already suffered several setbacks. Republican Speaker of the House of Representatives Kevin McCarthy was due to meet US President Joe Biden on Monday.
“Everyone thinks the debt ceiling is going to be raised one way or another,” says Mark Waggoner of Excel Futures.
“Both sides are talking to each other, which is a good thing,” commented Bill O’Grady of Confluence Investment. “We have already been there. Unfortunately, it has to come to the limit for things to get done. »
Treasury Secretary Janet Yellen reiterated on Sunday that the deadline for an agreement remained in early June, failing which the United States would have to default on its debt, a first in the country’s history.
Bill O’Grady warns that even in the event of a resolution, the American government will have to concede budgetary restrictions, “elements of austerity which the market has not yet thought of”.
In the immediate future, black gold prices continue to stagnate, torn between restrictions on supply and great uncertainty about the health of demand. The WTI has been evolving for almost three weeks between 70 and 73 dollars.
“There is no consensus on what the future holds for us,” summarized Bill O’Grady.
Mark Waggoner nevertheless recalls that “it is quite common to see prices accelerate just before Memorial Day weekend” at the end of May (May 27 to 29 this year), which marks the start of the season for major road trips in UNITED STATES.
Sign of a shudder, the wholesale price of gasoline in the United States continues to rise. It appreciated almost 18% in just over two weeks.
Another supportive factor is the latest activity figures for the oil industry in the United States, published by the company Baker Hughes, according to which the number of active wells fell by 11 units, to 575. This is the most low figure for almost a year, showing the caution of the companies.