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Oil rises on US debt deal, but rate hikes, OPEC+ talks curb enthusiasm

From channelnewsasia.com

Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., 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 per cent, to $77.42 a barrel by 0145 GMT after gaining 12 cents on Monday. U.S. West Texas Intermediate (WTI) crude rose 53 cents to $73.20 a barrel, up 0.7 per cent from Friday's close. There was no settlement on Monday because of a U.S. public holiday. While the debt ceiling deal has spurred buying in riskier assets such as commodities, ... (full story)

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  • Category: Fundamental Analysis