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Oil prices rise after reaching initial agreement regarding the US debt ceiling

[29/05/2023 02:43]

Singapore - Saba
Oil prices rose in early Asian trade on Monday after US leaders reached a tentative agreement on the government's debt ceiling, which could prevent a catastrophic default in the world's largest economy and oil consumer.

Brent crude futures rose 39 cents, or 0.5 percent, to $77.34 a barrel.

West Texas Intermediate crude futures rose 45 cents, or 0.6 percent, to $73.12 a barrel.

On Saturday, US President Joe Biden and House Speaker Kevin McCarthy reached an agreement in principle to suspend the government's debt ceiling of $31.4 trillion.

Investors are looking forward to data on the manufacturing and services sectors in China this week, as well as data on non-farm payrolls in the United States on Friday, looking for indications of economic growth and demand for oil.