Oil Rises After Sharp Losses

Oil prices rose on Wednesday after steep losses in the previous session, as traders await a crucial vote on a deal to raise the U.S. debt ceiling of $31.4 trillion. August Brent crude futures climbed 11 cents to $73.82 per barrel by 00:13 GMT, while U.S. West Texas Intermediate (WTI) rose eight cents to $69.54 per barrel. Both dropped more than four percent on Tuesday. The deadline for U.S. debt payments coincides with a meeting of the Organization of the Petroleum Exporting Countries and allies, including Russia, known as OPEC+, on June 4, though it remains unclear whether the group will increase production cuts amid declining prices affecting the market. Saudi Energy Minister Prince Abdulaziz bin Salman urged sellers betting on falling oil prices to exercise caution last week, hinting that OPEC+ might cut production. However, statements from officials and Russian oil sources, including Deputy Prime Minister Alexander Novak, indicate that the world's third-largest oil producer tends to keep production unchanged.