Price of Brent oil falls to $73.35 per barrel

11:30 | 31.05.2023
Price of Brent oil falls to $73.35 per barrel

Price of Brent oil falls to $73.35 per barrel

Oil prices continued to decline on Wednesday after reaching lows for the last month the day before, reportedfrom Interfax.

The price of July futures for Brent on London's ICE Futures exchange was $73.35 per barrel, which is $0.19 (0.26%) lower than the closing price of the previous session.

The price of WTI futures for July in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.24 (0.35%) to $69.22 per barrel.

Traders' attention is still focused on the situation with the US debt ceiling. On Wednesday, a vote is expected in the House of Representatives on a draft agreement reached by President Joe Biden and the speaker of the lower house of Congress, Republican Kevin McCarthy, after which the document will go to the Senate for consideration.

In addition, the market is evaluating macroeconomic data from China. According to the published data, the May value of the Purchasing Managers' Index (PMI) in the manufacturing industry did not justify the analysts' forecast at the level of 49.4 points, falling to a five-month low of 48.8 points from 49.2 points in April.

Low figures reinforced fears of a slowdown in economic growth in China, the world's top oil importer, according to Trading Economics.
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