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Oil prices rise as Congress approves US debt ceiling bill

02 June 2023 09:16 (UTC +04:00)

Oil prices rose on Friday amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend, APA reports citing Reuetrs.

Brent crude futures rose 34 cents, or 0.46% to $74.62 a barrel by 0302 GMT, while U.S. West Texas Intermediate crude (WTI) rose 30 cents, or 0.43%, to $70.40, following two consecutive days of losses.

Investor attention is now fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+.

Ministers from key oil producing countries will decide whether to further trim output to support government revenues.