Daily Oil Fundamentals
Determined Republicans, Determined OPEC+
23 May 2025Determined Republicans, Determined OPEC+
The potential implications of Donald Trump’s tax and spending bill, which passed the House of Representatives yesterday by a single vote are discussed in detail below. Whilst the repercussions might be severe, investors put on a brave face yesterday and possibly took heart from the weekly initial jobless claim report, which showed a small decline suggesting a resilient labour market. Further encouragement came from improved US business activity this month as the Composite PMI which reflects on the health of the manufacturing and the service sectors rose to 52.1, up from 50.6 in April. In a notable development, import tariffs raised prices for companies and consumers implying renewed inflationary pressure.