How Oil Markets Reacted After House Cleared Debt Ceiling Bill: Crucial Data Due On Thursday
Portfolio Pulse from Bhavik Nair
Oil prices rose after the passage of the debt ceiling bill in the House and Federal Reserve officials indicated a potential rate hike skip in June. The United States Brent Oil Fund (BNO) and Vanguard Energy Index Fund ETF (VDE) closed lower on Wednesday. OPEC+ is expected to continue bullish rhetoric but not announce production cuts at the June meeting.
June 01, 2023 | 6:57 am
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POSITIVE IMPACT
BNO closed 2.28% lower on Wednesday, but oil prices rose after the debt ceiling bill passage and potential rate hike skip. OPEC+ is expected to maintain bullish rhetoric.
The passage of the debt ceiling bill and potential rate hike skip are positive factors for oil prices, which could lead to a short-term increase in BNO's price. Additionally, OPEC+'s expected bullish rhetoric may support oil prices and BNO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
VDE closed 1.79% lower on Wednesday, but oil prices rose after the debt ceiling bill passage and potential rate hike skip. OPEC+ is expected to maintain bullish rhetoric.
The passage of the debt ceiling bill and potential rate hike skip are positive factors for oil prices, which could lead to a short-term increase in VDE's price. Additionally, OPEC+'s expected bullish rhetoric may support oil prices and VDE.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80