Oil prices rose on Friday amid bullish sentiment following the passage of a US debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend.
Brent crude futures rose 34 cents, or 0.46 per cent to $74.62 a barrel by 0302 GMT, while US West Texas Intermediate crude (WTI) rose 30 cents, or 0.43 per cent, to $70.40, following two consecutive days of losses.
Markets were reassured by Congress’ passage of a bill suspending the US government’s $31.4 billion debt ceiling, as well as by earlier signals of a potential pause in rate hikes by the Federal Reserve.
