KONTAN.CO.ID - LONDON. Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures LCOc1 rose 77 cents, or 1% to $75.05 a barrel by 0806 GMT, while U.S. West Texas Intermediate crude (WTI) CLc1 was up 69 cents, or 1%, at $70.79. Both contracts were headed for their first weekly loss in three weeks. Markets were reassured by a bipartisan deal to suspend the limit on the U.S. government's $31.4 billion debt ceiling, which staved off a sovereign default that would have rocked global financial markets.
Oil Prices Rise After U.S. Debt Deal, All Eyes on OPEC Meeting
KONTAN.CO.ID - LONDON. Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures LCOc1 rose 77 cents, or 1% to $75.05 a barrel by 0806 GMT, while U.S. West Texas Intermediate crude (WTI) CLc1 was up 69 cents, or 1%, at $70.79. Both contracts were headed for their first weekly loss in three weeks. Markets were reassured by a bipartisan deal to suspend the limit on the U.S. government's $31.4 billion debt ceiling, which staved off a sovereign default that would have rocked global financial markets.