As investors kept a wary eye on US debt ceiling talks, and Russia suggested that it was unlikely OPEC+ would change production levels at its next meeting, oil held steady after its 3% fall on Thursday.

West Texas intermediate was trading below $72 per barrel following Thursday’s drop, which wiped out almost all of the gains for the week. Part of the drop was attributable to Russia’s Deputy Prime Minister Alexander Novak’s statement that OPEC+ was not likely to change its production output quotas at its next meeting in Vienna in June. That undercut the effect of a previous statement by Saudi Energy Minister Prince Abdulaziz bin Salman, claiming speculators should “watch out.”

In Washington meanwhile, Republican and White House representatives were gathering closer to an agreement to raise the borrowing ceiling, according to sources familiar with the matter. However sources caution that the details so far agreed to are tentative and the final deal remains just out of hand, as the Treasury’s cash level now sits at less than $50 billion.

Amid a lackluster economic recovery in China, and the US Federal Reserve’s aggressive campaign of monetary tightening, crude has fallen over 10% for the year. Traders expect more interest rate hikes, having priced in another 25 basis points in increases over the next two meetings.

James Whistler, managing director for brokerage Vanir Global Markets Pte, said of the statements from Moscow, “Oil lost recent gains amid OPEC’s reluctance to cut production further. We see things softening a bit further from here as cautious sentiment permeates the markets.”