(Bloomberg) -- Oil steadied after a two-day drop as investors tracked stop-start negotiations in the US to strike a deal on the debt ceiling.

Most Read from Bloomberg

• Zelenskiy’s Surprise G-7 Stop Unnerves Critical Brazilian Leader

• Zelenskiy Signals Bakhmut Falling, Russian Casualties High

• Biden Says US-China Relations Set to Improve ‘Very Shortly’

• Traders Brace for Volatility With US Debt Deal Still Elusive

Brent crude was little changed below $76 a barrel after losing almost 2% over the prior two sessions. President Joe Biden and House Speaker Kevin McCarthy will meet later Monday after negotiators resumed discussions. Treasury Secretary Janet Yellen warned the US may be unable to pay its bills by mid-June.

To get Bloomberg’s Energy Daily newsletter direct into your inbox, click here.

The global crude benchmark is at risk of posting a fifth straight monthly loss in May in what would be the worst run since 2017. In addition to the fallout from the debt-ceiling fight, traders are concerned about the impact on energy demand of China’s lackluster economic recovery and the possibility of a recession in the US. In paper markets, money managers that trade derivatives linked to oil and fuel prices are the most bearish they’ve been in a decade.

In Canada, meanwhile, the wildfire situation in the top energy-producing province of Alberta remained volatile over the weekend, with disruption to oil and gas production meaning that buyers face supply cuts. At least two buyers were notified of force majeures and reductions to their receipts of low-sulfur Canadian crude, according to people familiar with the matter.

Most Read from Bloomberg Businessweek

• Apple’s New Headset Meets Reality

• Japan’s New Military Might Is Rising in a Factory in Hiroshima

• ESG Investing Goes Quiet After Blistering Republican Attacks

• The True Cost of an Extended US Debt-Ceiling Standoff

• Devin Haney Is a Champion Boxer for the Influencer Era

©2023 Bloomberg L.P.