Oil prices rise on possible OPEC+ cuts, progress in US debt ceiling deal
Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington’s debt ceiling bill.
Brent crude futures rose 13 cents, or 0.18% to $74.41 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude (WTI) rose 15 cents, or 0.21%, to $70.25 a barrel, following two consecutive days of sliding crude prices.
Markets were reassured by signals of a potential pause in rate hikes by the Federal Reserve as well as the House of Representatives’ passage of a bill suspending the U.S. government debt ceiling, likely staving off a calamitous sovereign default.
