Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer, APA reports citing Reuters.
Brent crude futures for August rose 32 cents, or 0.44% to $72.92 a barrel by 0518 GMT, while U.S. West Texas Intermediate crude (WTI) rose 25 cents, or 0.37%, to $68.34 a barrel.
U.S. Federal Reserve officials on Wednesday pointed towards a potential rate hike "skip" in June that reversed market expectations of an imminent hike that could slow economic growth and weaken oil demand.