Brent oil fell below $72 per barrel

The price of oil continues to decline on Wednesday: Brent quotes today broke down the level of $72 per barrel, reaching $71.66. The current Brent quote is $71.94. 

North American WTI oil shows similar dynamics: prices for this grade of oil fell to $67.31 per barrel, although a couple of days ago the asset was trading near $ 73.40.

Traders' attention is still focused on the situation with the debt ceiling of the United States. A vote will be held today in the House of Representatives on the draft agreement reached by President Joe Biden and Republican Speaker of the lower house of Congress Kevin McCarthy. After that, the document will be submitted to the Senate for consideration.

Macroeconomic statistics from China have an additional impact on the oil market. The May value of the Purchasing managers' Index (PMI) in the processing industry did not meet the analysts' forecast: the indicator fell to the lowest in 5 months of 48.8 points. In April, the index was 49.2 points. Analysts had expected the indicator at the level of 49.4 points. 

Weak statistics indicated that there is still a slowdown in economic growth in China, the world's main importer of oil. 

Investors also expect the publication of official statistics from the US Department of Energy on commercial oil reserves on June 1. Analysts predict a decrease in inventories by 1.1 million barrels.