Oil edges up after steep losses ahead of US debt ceiling vote

📆 5/31/2023 6:05 AM
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Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. | Reuters

Still, a key party hardliner said he would likely support the measure in a critical procedural vote, which would allow it to clear a pivotal House of Representatives Rules Committee with a Republican majority. The committee was due to vote later on whether to advance the 99-page bill.

Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short-sellers betting oil prices would fall to “watch out” in a possible signal that OPEC+ may cut output.

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