(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 2. World oil prices show
growth following agreements on the US public debt ceiling,
supporting the risk sentiments of the traders, and the investors'
expectation of an OPEC+ meeting, trend reports.
The price for August futures for Brent Crude Oil increased by
0.54 percent, reaching $74.68 per barrel. The price of July futures
for WTI Crude Oil rose by 0.53 percent, reaching the level of
$70.47.
Oil quotes are supported by the willingness of traders to take
risks amid news from the US. Previously, a bill to raise the public
debt ceiling was passed in the Senate, and then on May 31 it was
approved in the House of Representatives of the US Congress by a
majority vote. After that, the bill must be signed by President
Joseph Biden.
The markets are looking forward to the meeting of OPEC and its
allies within the framework of the OPEC + alliance, which will be
held in Vienna on June 3-4. The semi-annual meetings of OPEC and
OPEC+ are especially important, because at them all participants of
the full composition assess the situation in the oil market and,
based on the analysis, can decide to adjust the parameters of the
OPEC+ deal.
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