SINGAPORE :Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains.Brent crude futures climbed 66 cents, or 0.9 per cent, to $77.61 a barrel
SINGAPORE :Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains.
U.S. President Joe Biden and House Speaker Kevin McCarthy on Saturday finalised an agreement in principle to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Both leaders expressed confidence on Sunday that members of the Democratic and Republican parties will vote to support the deal.
"The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst.Prices gained as the U.S. debt ceiling talks showed progress and after Saudi energy minister Abdulaziz bin Salman warned short-sellers betting that oil prices will fall to"watch out" for pain.
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