Crude oil prices on the global market today rose amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington.
Brent crude oil futures rose by 71 cents to sell at $74.99 a barrel, while U.S. West Texas Intermediate crude oil rose by 66 cents to trade at $70.76, after two consecutive days of losses.
Earlier markets received reassurance from the Federal Reserves concerning a potential pause in rate hikes
Another reassurance came from Congress passing a bill to suspend the U.S. government’s $31.4 billion debt ceiling.
The Senate approved the bill on Thursday night, U.S. time, staving off a calamitous sovereign default that would have rocked global financial markets.
Attention are now fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+.
Meanwhile, Asian stocks appreciated on the trading floor, after receiving the news that the Federal Reserve might stand still on interest rates in its next meeting
MSCI’s broadest index of Asia-Pacific shares outside Japan spiked 1.13% higher.
Australia’s S&P 200 index rose 0.57%, while Japan’s Nikkei was 0.71% higher.
China shares have been hamstrung by worries over stuttering post-COVID-19 recovery as the Shanghai Composite Index was set to open 0.2% higher.
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Hong Kong’s Hang Seng index. HSI was set to open up 2% higher.
Data overnight showed the number of Americans filing new claims for unemployment benefits increased modestly last week.
Private employers hired more workers than expected in May, pointing to continued labour market tightness.