Oil prices rise on risky market sentiment

Global oil prices rose on June 2 morning, Report informs referring to the auction data.

Markets are paying attention to news about agreements on the US government debt limit, which supports the risk appetite of traders, and also await the OPEC+ meeting.

The price of August futures for Brent crude rose by 0.54% to $74.68 per barrel, July futures for WTI grew by 0.53% to $70.47.

Oil quotes are supported by the risk appetite of traders against the backdrop of news from the US. Earlier, the Senate passed a bill to raise the national debt ceiling, and before that, on May 31, the document was approved by a majority vote of the House of Representatives. After approval by both chambers, the initiative will go to US President Joe Biden for signature.

Now the markets are looking forward to the meeting of OPEC and its allies within the framework of the OPEC+ alliance, which will be held in Vienna on June 3-4. The semi-annual meetings of OPEC and OPEC+ are especially important, since their participants in full force assess the situation on the oil market and, based on the analysis, may decide to adjust the parameters of the OPEC+ deal.