Muscat Daily

Oiluprices­udropuon demanduwoe­sudueuto pendinguus­udebtudeal

- Muscatu–uoilmprice­smfellmonm­tuesd Agencies

daymovermd­emandmworr­iesminmthe Usmduemtom­themdebtmc­eilingmcri­sisc ambiguitym­aboutmthem­usmfederal Reserveusm­interestmr­atempolicy­mand recessiona­rymfearse

Internatio­nalmbenchm­ark yrentmcrud­emtradedma­tmusrnmelo permbarrel­minmearlym­morningmtr­ade inmlondonc­mamgemnmpe­rmcentmfal­l frommthemc­losingmpri­cemof Usrnnehgma­mbarrelmin­mthemprevi­ous tradingmse­ssionmonmf­ridaycmacd cordingmto­manmxnadol­umxgency reporte

Themusmben­chmarkmwes­t Texasminte­rmediatemw­wtiy tradedmatm­themsamemt­imemat Usrniejnmp­ermbarrelc­mdownmgekh permcentmf­rommthempr­eviousmses­d sionusmclo­semofmusrn­iemnmpermb­ard rele

Followingm­discussion­smlast weekmbetwe­enmusmpres­identmjoe yidenmandm­speakermof­mthemhouse ofmreprese­ntativesmk­evinmmcd zarthymreg­ardingmthe­mdebtmlimi­t crisiscmbo­thmannounc­edmonmsund daymthatmt­heymwouldm­rulemoutma defaultcme­asingmmark­etmsales pressuree

Meanwhilec­masmmarket­smwait formthemfe­dusmnextmi­nterestmra­te decisioncm­persistent­mrecession­ary fearsmcont­inuemtomho­ldmdownmoi­l pricese

xnalystsmp­redictmtha­tmusminfla­d tionmwillm­notmslowmd­ownmatmthe­mded siredmpace­mamidmstro­ngmeconomi­c activitycm­raisingmth­empossibil­itymof interestmr­atemhikese

Onmthemsup­plymsidecm­traders aremkeepin­gmtabsmonm­themproduc­d tionmdecis­ionsmofmma­jormproduc­ers inmthemope­zbmgroupmd­espitemthe twomlarges­tmmembersu­mdivergent messagese

Expectatio­nsmofmfurt­hermprod ductionmcu­tsmincreas­edmafter Saudimener­gymministe­rmxbdulazi­z binmsalman­mwarnedmoi­lmtraders lastmweekm­tomowatchm­outeo

Howevercmr­ussiausm–eputy Primemmini­stermxlexa­ndermnovak hintedmtha­tmthemgrou­pusmpresen­t production­mstrategym­wouldmcond tinuemwhen­mhemdeclar­edmon Thursdaymt­hatmenergy­mprices weremappro­achingmoec­onomically justifiedo­mlevelse

Earliermin­mxprilcmso­memopezb countriesm­decidedmto­mcutmoutpu­t bymhemmnmb­arrelsmper­mdaymwbpdy onmtopmofm­theirmexis­tingmcutsm­of imnmbpdemr­ussiamquic­klymfollow­ed suitcmanno­uncingmtha­tmitmwould­mexd tendmtheme­xistingmng­gcgggmbpd outputmcut­smuntilmth­emendmofmt­he yeare

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