Oil prices rose over two per cent on Friday after the US Congress passed a debt ceiling deal that averted a government default in the world’s biggest oil consumer and the employment data fueled hopes for a possible pause in Federal Reserve interest rate hikes. The focus has now shifted to the policy outcome of Organization of the Petroleum Exporting Countries and its allies, or OPEC+ on June 4, which will impact oil prices and set the course for price fluctuations in the near-term.
The closes were the highest since May 26 for WTI and May 29 for Brent. For the week, both contracts were down about one per cent, in their first weekly losses in three weeks. The open interest in futures contracts rose on Thursday to the highest since July 2021 for Brent and March 2022 for WTI.
Brent futures rose $1.85, or 2.5 per cent, to settle at $76.13 a barrel, while US West Texas Intermediate (WTI) crude rose $1.64, or 2.3 per cent, to settle at $71.74. On the Multi Commodity Exchange (MCX), crude oil futures due for a June 16 expiry, settled higher by 1.54 per cent at ₹5,918 per bbl on June 2, having swung between ₹5,804 and ₹5,952 per bbl during the session so far, compared to their previous close of ₹5,828 per bbl.
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Updated: 03 Jun 2023, 10:39 PM IST