It is expected to close the week with profits oil as it follows the broader mood of the markets and the growing optimism that the USA they will reach an agreement on the debt limit.

Crude largely abandoned fundamental trade this week, as investors analyzed news from Washington about efforts to avert a default. House Speaker Kevin McCarthy said negotiators could reach an agreement in principle as early as this weekend, lifting stock markets and oil.

Signs of tight supply are also helping to bolster prices. Asian refiners are buying US oil again and its watchers industry they continue to predict that global crude markets will trend toward a deficit this summer.

Prices may rally in the second half of the year due to a lack of crude supplies, Francisco Blanch, head of commodities research at the Bank of America Corp.

Crude is still down about 11% this year as China’s weak economic recovery and the Federal Reserve’s tightening of monetary policy weigh on the outlook. Fed officials are sounding increasingly divided over whether to raise interest rates or keep them steady at next month’s meeting.

Wildfires continued to rage in Alberta, its top energy-producing province Canadainterrupting production and adding some pressure to the market, with the Rystad Energy to estimate the loss at about 240,000 barrels per day.

Oil prices are very high with June WTI down 73 cents at $71.13 a barrel at 1:28 p.m. in New York and July Brent down 55 cents at $75.31 a barrel.

Source: moneyreview.gr