Oil edges up after steep losses ahead of US debt ceiling vote
Channel NewsAsia Best News Website or Mobile Service
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
Digital Media Awards Worldwide
Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling.
Brent crude futures for August delivery rose 11 cents to $73.82 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude (WTI) gained 8 cents to $69.54 a barrel. Both fell more than 4 per cent on Tuesday.
Brent's July contract, which expires on Wednesday, and the U.S. benchmark were on track for monthly declines of more than 7 per cent and 9 per cent, respectively.
Top congressional Republican Kevin McCarthy on Tuesday urged members of his party to support the deal even as he faced a direct challenge from some, which weighed on oil prices during the previous session.
