SMM

There is a "significant risk" of a historic default in the first two weeks of June, according to the latest report of the Congressional Budget Office (CBO). OPEC also said that China's potential growth will be offset by economic downside risks such as the US debt ceiling, which has become an important negative factor hindering the rebound of oil prices. Concerns about fuel demand in the world's largest oil consumer, the US and China, outweighed bullish sentiment on tighter supplies triggered by OPEC output cuts and US ramping up buildup.