Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer, although concerns about further interest rate hikes capped gains.
Brent crude futures climbed 45 cents, or 0.6%, to $77.40 a barrel by 0636 GMT, while U.S. West Texas Intermediate crude was at $73.2 a barrel, up 53 cents, or 0.7%. Trade is expected to be subdued on Monday because of UK and U.S. holidays.
U.S. President Joe Biden and House Speaker Kevin McCarthy on the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years.
