TOKYO : Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., 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
TOKYO : Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., 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.
While the debt ceiling deal has spurred buying in riskier assets such as commodities, major oil producers will meet on June 4 and it is unclear whether they might increase their output cuts amid an overall slump in prices since the middle of April. Additionally, expectations are for U.S. interest rates to rise further, potentially crimping economic growth and therefore oil demand.
U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years.
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