Brent crude futures rose 77 cents, or 1% to $75.05 a barrel by 0806 GMT, while U.S. West Texas Intermediate crude was up 69 cents, or 1%, at $70.79. Both contracts were headed for their first weekly loss in three weeks.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.by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S.
Investor attention is now fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+. OPEC+ in April announced a surprise cut of 1.16 million barrels per day in April, but the gains from that move have since been retraced and prices are below pre-cut levels.
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