Oil prices rose in early Asian trade on Monday after US leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer.
Brent crude futures climbed 39 cents, or 0.5 percent, to USD 77.34 a barrel by 2317 GMT, while US West Texas Intermediate crude was at USD 73.12 a barrel, up 45 cents, or 0.6 percent.
US President Joe Biden and Speaker of the United States House of Representatives Kevin McCarthy on Saturday finalized an agreement in principle to suspend the USD 31.4 trillion debt ceiling and cap government spending for the next two years.
This agreement came in the wake of long negotiations between the two sides, ahead of the June 5 deadline for reaching an agreement, set by Treasury Secretary Janet Yellen.
Speaker Kevin McCarthy said the deal included historic reductions in spending and that he planned to have it ready for a vote in the House on Wednesday.
Source: Qatar News Agency