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Oil prices rose during Thursday afternoon Asian trade after the passage of the debt ceiling bill in the House brought relief to traders. West Texas Intermediate futures maturing in July were trading 0.6% higher at $68.6 per barrel, at the time of writing.
Another factor that helped lift prices was the fact that Federal Reserve officials on Wednesday indicated a potential rate hike “skip” in June, reversing market expectations of an imminent hike that could weaken economic growth and lead to a subsequent decline in oil demand.
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Fed Governor and vice chair nominee Philip Jefferson said any decision to hold rates steady should not be seen as the end of the tightening cycle, according to a Reuters report. A section of the market appeared to view these comments as a message from the central bank's leadership about the upcoming policy.
However, strong labor data released on Wednesday countered these expectations about a pause. There were 1.8 job openings for every unemployed person in April, up from 1.7 in the previous month.
The United States Brent Oil Fund (NYSE:BNO) closed 2.28% lower on Wednesday while the Vanguard Energy Index Fund ETF (NYSE:VDE) lost 1.79%.
OPEC Intervention: Analysts believe the recent sell-off in crude oil markets has led to speculation that The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, will intervene to support prices.
"We don't expect the group to announce production cuts at the 4 June meeting, but bullish rhetoric is likely to continue as it waits to see the impact of the current production agreement and Chinese demand growth," ANZ Research said in a note. OPEC+ is scheduled to meet June 3-4 in Vienna.
Oil prices are also facing bearish supply-side factors. U.S. crude oil inventories rose by about 5.2 million barrels last week, reported Reuters, citing market sources. Market participants are now eyeing government data on U.S. crude stocks scheduled to be released later on Thursday.
