Declining oil prices undermine US debt ceiling, raising concerns

(File photo: Ameer Khalifeh/Jordan News)
AMMAN — Oil prices experienced a notable decline on Wednesday, dropping by 5 percent. This downturn comes as concerns mount regarding the ratification of the American debt ceiling agreement, dampening risk appetite among investors. اضافة اعلان

Moreover, the conflicting messages coming from major oil producers have cast a shadow over the supply outlook, just days before their upcoming meeting, as reported by Reuters.

Brent crude futures bore the brunt of the slump, falling by 5 percent to reach $73.22 per barrel. Simultaneously, US crude futures followed suit, also plummeting by 5 percent to settle at $69.02 per barrel.

Amidst these developments, the possibility of some hardline Republicans opposing the debt ceiling agreement in the US, the world's largest oil consumer, has added to the uncertainty.

However, Democratic President Joe Biden and Republican House Speaker Kevin McCarthy maintain an optimistic outlook on the agreement's ratification.

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