Oil prices gain on optimism over demand, debt ceiling talks-Xinhua

Oil prices gain on optimism over demand, debt ceiling talks

Source: Xinhua| 2023-05-27 04:53:00|Editor:

NEW YORK, May 26 (Xinhua) -- Crude oil futures prices rose on Friday thanks to optimism over petroleum demand during Memorial Day weekend and debt ceiling talks in the United States.

The West Texas Intermediate (WTI) for July delivery increased by 84 cents, or 1.17 percent, to settle at 72.67 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery added 69 cents, or 0.90 percent, to settle at 76.95 U.S. dollars a barrel on the London ICE Futures Exchange.

The United States would have as many as 42.3 million people traveling in the upcoming Memorial Day weekend, marking the third busiest one since 2000, according to the American Automobile Association.

Meanwhile, traders remain optimistic on U.S. debt ceiling talks as the deadline approaches.

WTI oil rebounds as reports indicate that Democrats and Republicans may soon reach consensus on the debt ceiling deal, noted Vladimir Zernov, analyst with market information supplier FX Empire.

The United States has 570 active oil drilling rigs this week, five less than that in the previous week, according to data issued by oil service company Baker Hughes on Friday.