Oil prices rose Thursday, June 1, and compensated for the losses recorded earlier, as the prospect of stopping raising interest rates in the United States and a decisive vote in the House of Representatives on the debt ceiling bill led to renewed optimism about further growth in fuel demand in the largest consumer in the world. .
Brent crude futures for August delivery rose 32 cents, or 0.44%, to $72.92 a barrel by 05:18 GMT, while US West Texas Intermediate crude rose 25 cents, or 0.37%, to $68.34 a barrel.
And officials at the US Federal Reserve hinted yesterday, Wednesday, to a possible missed rate hike in June, contrary to market expectations of an imminent rate hike that would slow economic growth and weaken demand for oil.
The US House of Representatives also approved a bill suspending the debt ceiling of $31.4 trillion, which enhances the chances of avoiding a catastrophic government default on its debt.
The two benchmarks witnessed a sharp decline in the previous sessions, as Brent fell 5.6% and West Texas 6.3% at the close on Wednesday, compared to last Friday.
