Oil prices rose on Tuesday as the expectations the debt ceiling deal in US, 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 percent, to $77.42 a barrel after gaining 12 cents on Monday.
US West Texas Intermediate (WTI) crude rose 53 cents to $73.20 a barrel. There was no settlement on Monday because of a US public holiday.
Additionally, expectations are for US interest rates to rise further, potentially crimping economic growth and therefore oil demand.
US President Joe Biden on Sunday finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until January 1, 2025. The deal was ready to move to Congress for a vote.
Source: Qatar News Agency