A new jump in the price: Oil is becoming more expensive again
U.S. light crude oil was up 53 cents, or 0.8 percent, at $73.20 a barrel.
Oil prices rose in Asian trade today on expectations that a deal to raise the US debt ceiling will boost demand for black gold, Reuters reported.
Petrol price jumps to N350/ltr as queues returnhttps://t.co/ekcFUPhTxV pic.twitter.com/AQBY54cUVh
— Vanguard Newspapers (@vanguardngrnews) May 30, 2023
However, gains were limited by concerns that interest rate hikes will continue, while OPEC+ will leave production quotas unchanged in the coming months.
North Sea Brent futures added 35 cents, or 0.5 percent, to $77.42 a barrel.
U.S. light crude was up 53 cents, or 0.8 percent, at $73.20 a barrel.
Reaching a deal over the weekend to raise the US debt ceiling boosted investors’ appetites for riskier assets such as crude, but oil traders are also eyeing the June 4 OPEC+ meeting.
It is not yet clear whether the group will resort to further output cuts amid a general decline in oil prices since mid-April.
