Brent crude futures rose 77 cents to $75.05 a barrel by 0806 GMT, while U.S. West Texas Intermediate crude was up 69 cents at $70.79
Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend.
Markets were reassured by a bipartisan deal to suspend the limit on the U.S. government’s $31.4-billion debt ceiling, which staved off a sovereign default that would have rocked global financial markets. Investor attention is now fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+.
But signals on any fresh cut have been varied, with Reuters reporting and bank analysts indicating that further output cuts are unlikely.
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