WTI crude oil gained 2.34% to settle at $71.74 per barrel after the debt ceiling deal. The jobs report indicated that the labor market continued to remain strong as employment increased by 339,000 in May, ahead of the forecast of 190,000 and above the 253,000 jobs added in April.
Meanwhile, a Reuters report stated that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies are unlikely to slash oil supply further even as oil prices fall towards $70 per barrel at its meeting on Sunday. Back in April, OPEC+ had decided on more voluntary cuts from May onwards, adding to a supply cut of 2 million barrels per day (bpd) decided last year.
OPEC+ supplies 40% of the world’s crude oil which means any decisions by this body could have a major impact on oil prices.
In addition, natural gas gained 0.65% to close at $2.172 per MMBtu.
The rising oil price has meant that the United States Oil Fund ETF (USO) is also up 2.61% to $64.18 at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
