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Oil prices jump after US debt deal and jobs data as focus turns to OPEC
Oil prices jump after US debt deal and jobs data as focus turns to OPEC
Oil prices increased due to the U.S. debt ceiling deal, Federal Reserve's signals of a rate hike pause, and the anticipation of the OPEC+ meeting. Brent crude futures are up 2.5% at $76.16, and U.S. West Texas Intermediate crude rose 2.6% to $71.95. However, this gain is not enough, as both are likely to face their first weekly loss in three weeks. A moderate increase in employment reduced the possibility of an interest rate hike, enabling investors to remain focused on the OPEC+ meeting on June 4 to discuss oil production.
Oil prices increased due to the U.S. debt ceiling deal, Federal Reserve's signals of a rate hike pause, and the anticipation of the OPEC+ meeting. Brent crude futures are up 2.5% at $76.16, and U.S. West Texas Intermediate crude rose 2.6% to $71.95. However, this gain is not enough, as both are likely to face their first weekly loss in three weeks. A moderate increase in employment reduced the possibility of an interest rate hike, enabling investors to remain focused on the OPEC+ meeting on June 4 to discuss oil production.
Oil prices increased due to the U.S. debt ceiling deal, Federal Reserve's signals of a rate hike pause, and the anticipation of the OPEC+ meeting. Brent crude futures are up 2.5% at $76.16, and U.S. West Texas Intermediate crude rose 2.6% to $71.95. However, this gain is not enough, as both are likely to face their first weekly loss in three weeks. A moderate increase in employment reduced the possibility of an interest rate hike, enabling investors to remain focused on the OPEC+ meeting on June 4 to discuss oil production. 
