US debt talks rallies; Oil declines by 1% amid supply fears

Despite assistance from decreased supply from Canada & OPEC+ countries, oil prices declined on Monday.

The world’s top oil supplier & second-largest consumer of oil. Analysts warned that recent weak economic data updates from China have raised concerns about demand.

[{"selector":"#anim-9dfd9350-5dc2-4555-9a95-709531213eb6","keyframes":{"transform":["translate3d(115.66667%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-067a1018-ce53-4e07-8f4c-e04809726d60","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a627d169-4e94-441a-9846-e48f7b75c3a6","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

According to experts from Goldman Sachs (NYSE:GS) and JP Morgan, the Organisation of OPEC & its allies, including Russia, have been voluntarily reducing their production since this month. This initiative is known as OPEC+.

[{"selector":"#anim-ba7d9af9-ce40-4ecc-8a3e-bdec9e74b65b","keyframes":{"transform":["translate3d(112.78689%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ddb13cdc-f89a-4ffa-b9df-f4f57fdd8abe","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-542227f0-571e-4da8-96c4-2ce727c1c4d7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

JP Morgan reports that as of May 16. The group’s total crude and oil product shipments decreased by 1.7 million barrels per day (bpd).

[{"selector":"#anim-752e7d0a-0a48-48b0-8a7e-f791622194b2","keyframes":{"transform":["translate3d(118.11847%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5571cb5e-9b26-4f4e-b871-0bce4102af93","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3fac0fde-8863-4b86-990c-79b74e5e79d7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

The IEA issued a dire warning in its most recent monthly report about an impending deficit in the second half. When demand is anticipate to outpace supply by over 2 million bpd.

[{"selector":"#anim-f111a18c-c7b7-4cd0-8c8e-f0b22ba54921","keyframes":{"transform":["translate3d(115.57093%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67ed4cb3-d976-4239-9370-a0c97859aa1d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-365b689d-4b9a-4c2d-9c83-532225a15b91","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More

According to ING, the oil market. Which is anticipate to have a significant deficit over the course of this year’s second half, is concerned about a halt in U.S. drilling activity.

[{"selector":"#anim-aca7c5ed-03df-489b-b27a-fa6276132cb6","keyframes":{"transform":["translate3d(107.83133%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6de8dc26-d20b-4806-a633-56c7d215a6e3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0089a70a-2c16-48f6-9ae2-adec26e94b4d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More