- Oil trades slightly higher as the market weighs demand uncertainty and recession fears
- July ’23 WTI gained 21c this morning to trade around $68.30/Bbl
- The House approved a bill to suspend the debt ceiling and limit spending to prevent a potential default. The legislation still requires Senate approval
- Uncertainty pervades the market ahead of the OPEC+ meeting on June 3-4 due to differing production policy views between Saudi Arabia and Russia
- Resilient Russian exports and Fed's monetary tightening have been two of the biggest contributing factors to prices seeing nearly a 15% decline this year
- A private survey by S&P Global indicated an unexpected increase in China's manufacturing activity in May, a finding that contradicted official data (BBG)
- The mixed data raises doubts about China's economic recovery, suggesting a need for more evidence to gauge the growth outlook
- Equities are trading higher, and the U.S. dollar weakened relative to its recent highs
- OPEC+ Restricts Major Media Outlets from Upcoming Meeting (Bloomberg)
- OPEC+ bars Bloomberg, Reuters, and WSJ reporters from their June 3-4 meeting
- Uncharacteristically, for this meeting, OPEC+'s secretary sent invitations directly to selected journalists, deviating from the usual open-access policy
- OPEC+ has not provided any clarification regarding this exclusionary decision