After registering gains during the market close on Friday, May 26, oil starts the session stable and without significant changes this Monday, May 29.
Energy market stability is the result of two key points: Memorial Day – or Remembrance Day, in Spanish – in the United States and the agreement on the US debt ceiling.
As is customary, every last Monday in May, today the US Union celebrates Memorial Day, a national holiday to honor the losses of all who served the US military, so activity in various areas is limited.
In addition, the energy market reacted in a steady manner to the agreement reached between the White House and the United States Congress on the debt ceiling. In recent weeks, alarm bells have rung about a possible default by the US union if an agreement is not reached to increase the country’s indebtedness before June 1; Due to which the demand of fuel will decrease.
Fortunately, it was announced last weekend that a tentative agreement is already in place, it only needs to be voted on by both houses of Congress. The vote is set for next Wednesday, May 31.
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Texas and Brent oil barrel prices, May 29: How much is it worth and how much is it trading for?
According to the latest update from Oil Price Charts, a portal that includes over 150 global oil indices and blends, as of 1:00 PM ET this Monday, May 29, a barrel of Brent crude is trading at $77.09, while West Texas Intermediate (WTI) is at $72.98.
At the close on 26 May, both reference prices were $76.95 for a barrel of Brent and $72.67 for WTI.
