Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm

Oil prices increased on Tuesday due to the expectations that the debt ceiling deal in the US will spur more demand, although the gains were capped by fears of further interest rate rises and the possibility that OPEC+ will maintain output quotas. Brent crude futures climbed 0.5% to $77.42 a barrel, while US West Texas Intermediate crude went up 0.7% to $73.20 a barrel. The debt ceiling deal has led to greater buying in riskier assets, while lower than expected US oil stockpiles have also added support.