- Oil plummets as weak Chinese economic data stokes demand uncertainty
- July ’23 WTI lost $2.22 this morning to trade around $67.26/Bbl
- China's manufacturing activity contracted faster than expected in May, indicating a post-Covid recovery slowdown
- Additionally, the U.S. dollar rose to its highest in over two months, making dollar-denominated commodities expensive for holders of other currencies
- The debt-ceiling deal backed by President Biden and Speaker McCarthy is set for a House vote on Wednesday to avoid U.S. default
- A bill temporarily halting the U.S. borrowing limit and capping federal spending was advanced by the House Rules Committee on Tuesday
- Market remains apprehensive about the upcoming OPEC+ meeting (June 3-4) due to contrasting output policy views between Saudi Arabia and Russia
- Drones strike Russian oil refineries amid escalating Russia-Ukraine tensions (WSJ)
- The Afipsky refinery suffered significant damage, possibly drone-induced, while the Ilyinsky refinery sustained minimal damage
- Drone strikes on Russian military and infrastructural targets have surged recently, attributed to Ukraine by Moscow, potentially paving the way for a wider Ukrainian counterattack
- Ukraine and allies plan an international summit, barring Russia, to consolidate support for Kyiv's peace terms, scheduled before NATO's July 11 annual meet