Oil Prices Slip As Fears Of A U.S. Default Return

Crude oil prices retreated today in Asian trade following modest gains made on Monday on the news that President Biden and House Speaker and top Republican Kevin McCarthy had sealed a deal to raise the debt ceiling. However, reports have now emerged that some Republican hardliners in Congress will not support a deal that involves a higher debt ceiling, putting the successful passing of the deal in peril, Reuters has reported. At the time of writing, Brent crude was trading at close to $76.50 a barrel, while West Texas Intermediate was changing…