Oil rises 2.5%, records weekly loss ahead of OPEC+ meeting

Oil rose today, June 3, ahead of OPEC+ meeting that is expected at the weekend and amid investors' assessment of ending the US debt ceiling crisis.

The Senate approved a bill to suspend the US debt ceiling to cap government spending until the 2024 elections, putting an end to a tragedy that could spark a global financial crisis.

The US drilling rig count fell 15 units to 555 in the week ended June 2, the lowest number since April 2022, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Meanwhile, the international rig count decreased by 25 units month-on-month in May to 1,783.

Brent crude contracts for August delivery rose 2.5%, or $1.85, to close at $76.13 a barrel, with weekly losses of 1.1%.

West Texas Intermediate (WTI) for July delivery moved up 2.3%, or $1.64, to $71.74 a barrel, narrowing its weekly losses to 1.3%.