Oil prices rose today, Tuesday, amid expectations that the debt ceiling agreement in the United States, the largest oil consumer in the world, will increase demand for crude.
Brent crude futures rose 35 cents, or 0.5%, to $77.42 a barrel by 01:45 GMT, after rising 12 cents on Monday.
US West Texas Intermediate crude rose 53 cents to $73.20 a barrel, up 0.7% from Friday’s close.
While the debt ceiling agreement stimulated the purchase of riskier assets such as commodities, major oil producers will meet on June 4th with no clarity on whether they will increase production cuts amid the general slump in prices since mid-April. US interest rates rise more, which may hinder economic growth and thus the demand for oil.”
Source: National Iraqi News Agency