The prices of Petroleum rose more than 2% this Friday, after the Congress of the U.S approved a debt-ceiling deal that averted a government default on the world’s biggest oil consumer and after employment data stoked hopes for a possible pause in interest rate hikes in the Federal Reserve.
The focus is now on a meeting of OPEC and its allies this weekend.
Brent crude futures were up $1.85, or 2.5%, to settle at $76.13 a barrel, while US crude (WTI) rose $1.64, or 2.3%, to settle at $71.74.
The closes were the highest since May 26 for WTI and May 29 for Brent. For the week, both contracts are down about 1%, their first weekly losses in three weeks.
Source: Moneytimes
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