Oil prices rose on Monday, after US leaders reached a tentative agreement on a debt ceiling, perhaps to avoid a default in the world’s largest economy and oil consumer, although gains were limited by concerns about raising interest rates.
Brent crude futures rose 54 cents, or 0.7%, to $77.49 a barrel by 04:37 GMT, while US West Texas Intermediate crude was $73.29 a barrel, up 62 cents, or 0.85%.
Reaching the deal and being close to avoiding a US debt default has renewed investor appetite for riskier assets such as commodities.
Prices rose as US debt ceiling talks showed progress, after Saudi Energy Minister Abdulaziz bin Salman warned short sellers against betting that oil prices will drop further.
Source: National Iraqi News Agency
