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International crude oil prices soar as US debt ceiling has progress

2 Jun 2023 16:14 reported by Liv Wang

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International crude oil prices posted their biggest jump in the last two weeks on June 1, before a June 4 meeting of the Organization of the Petroleum Exporting Countries and allied oil nations (OPEC+). The US House of Representatives passed a bill to suspend the debt ceiling, helping to offset the impact of rising US crude oil inventories.

West Texas Intermediate (WTI) crude for July delivery rose by US$2.01, reaching US$70.10/barrel on the New York Mercantile Exchange.

Brent crude for July delivery grew by US$1.68, settling at US$74.28/barrel.

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