Investing.com - Crude oil futures eased off the previous session’s four-month high during European morning hours on Wednesday, as investors looked ahead to a vote on a measure to extend the U.S. debt ceiling later in the trading day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.53 a barrel during European morning trade, down 0.15% on the day.
New York-traded oil prices fell by as much as 0.25% earlier in the session to hit a daily low of USD96.47 a barrel. NY-oil futures touched a four-month high of USD96.89 a barrel on Tuesday.
Market players continued to monitor political developments in the U.S., amid ongoing uncertainty over how the country will tackle the upcoming USD16.4 trillion debt ceiling debate.
Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.
Failing to raise the debt ceiling by the end of February could lead to a first-ever U.S. default that could roil financial markets.
Oil traders also looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 2.8 million barrels.
The supply data comes out a day later than usual due to the Martin Luther King Jr. Day holiday in the U.S. on Monday.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery dipped 0.15% to trade at USD112.24 a barrel, with the spread between the Brent and crude contracts standing at USD15.71 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.53 a barrel during European morning trade, down 0.15% on the day.
New York-traded oil prices fell by as much as 0.25% earlier in the session to hit a daily low of USD96.47 a barrel. NY-oil futures touched a four-month high of USD96.89 a barrel on Tuesday.
Market players continued to monitor political developments in the U.S., amid ongoing uncertainty over how the country will tackle the upcoming USD16.4 trillion debt ceiling debate.
Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.
Failing to raise the debt ceiling by the end of February could lead to a first-ever U.S. default that could roil financial markets.
Oil traders also looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 2.8 million barrels.
The supply data comes out a day later than usual due to the Martin Luther King Jr. Day holiday in the U.S. on Monday.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery dipped 0.15% to trade at USD112.24 a barrel, with the spread between the Brent and crude contracts standing at USD15.71 a barrel.