Oil prices rise as market awaits possible OPEC+ cuts

Oil prices inched up in early Asian trade as markets weigh the possibility of price-supportive production cuts by OPEC+ members over the weekend. The Brent crude futures rose by 0.18%, to $74.41 a barrel, while the West Texas Intermediate crude rose by 0.21%, to $70.25 a barrel following two days of declining crude prices. Investor attention is now focused on the OPEC+ June 4 meeting, where the ministers from key oil-producing countries will determine whether to reduce further output to support government revenues. The U.S. monetary policy and the debt ceiling bill boosted market sentiment.