US oil prices sink below $70 on debt ceiling jitters and Russia-Saudi tensionsUS oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting. The selloff marks one of the worst days of the year for the oil market and could help keep a lid on pump prices. “It’s not a layup that the debt deal is going to get done. Treasury Secretary Janet Yellen has warned the government will not have enough funds to meet all of the nation’s obligations if Congress does not address the debt ceiling by June 5. Meanwhile, there are new questions about the relationship between OPEC leader Saudi Arabia and Russia ahead of this weekend’s meeting of oil producers in Vienna.

Source: CNN May 31, 2023 09:35 UTC