Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains.
on Sunday that members of the Democratic and Republican parties will vote to support the deal.
Reaching the deal and coming closer to avoiding a default on U.S. debt renewed investor appetite for riskier assets such as commodities. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst.Prices gained as the U.S. debt ceiling talks showed progress and afterAbdulaziz bin Salman warned short-sellers betting that oil prices will fall to "watch out" for pain.
Bin Salman's warning was seen as a signal that the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, may further cut output when they meet on June 4.
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