Oil prices rose on Tuesday as the expectations the debt ceiling deal in US, the world’s biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains.
Brent crude futures climbed 35 cents, or 0.5 per cent, to $77.42 a barrel by 0145 GMT after gaining 12 cents on Monday.
US West Texas Intermediate (WTI) crude rose 53 cents to $73.20 a barrel, up 0.7 per cent from Friday’s close. There was no settlement on Monday because of a US public holiday.
