In the event of default, US demand would plummet, which would translate into a drop in oil prices. API data will be known in the next few hours.
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The price of Petroleum It is trading slightly higher in the early hours of this Tuesday the 23rd, in line with its recovery after the bad opening at the beginning of the week.
Financial markets in general suffer from a lack of volatility due to uncertainty about the US debt ceiling. In the event of a default, US demand would plummet, which would translate into lower oil prices.
Optimism following Monday’s talks raises hopes as history shows that a last-minute deal is the norm.
Right now, WTI oil is trading at $72.50 and Brent crude oil is below $76. The 4-hour chart shows the formation of a bullish right triangle, defying the overall downtrend.
Data from the American Petroleum Institute (API) due to be released at 20:30 GMT will give us an idea of ​​the supply and demand dynamics in the crude oil market and could affect oil prices if the result is substantially higher. or lower than last week’s 3.69 million barrel figure.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
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