WTI crude slips after 3-session rise; Brent steady above $78

Oil drilling rigs

Oil was steady today, May 25, after three days of gains, with a sharp decline in US inventories and continued concerns about the US debt ceiling.

International benchmark Brent crude was trading at $78.33 a barrel, at 08:04 am Makkah time.

West Texas Intermediate (WTI) crude dipped 0.19% to $74.2 a barrel. The US benchmark gained nearly 4% over the past three sessions.

Amid continued concerns about the US debt ceiling crisis and its consequences on the global economy and energy demand, Fitch Ratings said on that it may downgrade the country's credit rating, reflecting the political tensions in the United States.

A Bloomberg survey showed that OPEC observers expect the organization and its allies (OPEC+) to maintain production at the meeting scheduled for next week.