Oil prices stable

Global oil prices generally showed stability on May 25 morning after a three-day increase, as markets continue to assess the prospects for supply and demand, Report informs referring to the auction data.

The price of July futures for Brent oil remained at the level of the previous close at $78.36 per barrel, July futures for WTI fell by 0.15% to $74.23. A day earlier, quotes rose by 2%, and over the previous three trading sessions grew by an average of 3.8%.

On May 24, oil prices were supported by statistics from the US. According to the report of the Energy Department, commercial oil reserves in the country for the week to May 19 showed the largest rate of decline since November 2022 - by 12.5 million barrels (2.7%), to 455.2 million barrels. At the same time, analysts, on the contrary, expected an increase in reserves by 0.8 million barrels.

The attention of traders remains around the situation with the US debt ceiling. The current US debt ceiling is $31.4 trillion, it was reached back in January. As a result of the negotiations, no decision to raise the public debt limit has yet been made. The situation increases economic uncertainty, which affects the prospects for oil demand.