Brent crude rose 69 cents, or 0.9%, to $76.95 a barrel, and U.S. West Texas Intermediate crude rose 84 cents, or 1.2%, to 72, $67 a barrel.
On a weekly basis, both benchmarks posted gains for the second straight week, rising 1.7% for Brent and 1.6% for WTI.
However, markets remain cautious as talks of raising the debt ceiling are likely to drag on, and renewed concerns have been raised over a potential interest rate hike by the Federal Reserve next month, which would dampen demand after strong US consumer spending and inflation.
An official in the administration of US President Joe Biden said that while negotiators could reach an agreement on Friday to raise the US government’s debt ceiling to $31.4 trillion, talks could drag on throughout. of the weekend.
Both benchmarks fell more than two dollars a barrel in settlement yesterday, Thursday, after Russian Deputy Prime Minister Alexander Novak played down the chances of approving a further production cut at the meeting of the ‘OPEC+ in Vienna on June 4, before returning today to clarify that the quoted statements were sketchy and that Moscow will work with the rest of the alliance members to determine what is best for the market while respecting all previous decisions.
Three knowledgeable sources told Reuters that Russia tended to keep oil production volumes unchanged as Moscow was happy with current prices and production levels.
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