# Oil rises 3% on US debt ceiling progress, traders on alert for OPEC+ meeting

> WTI rose $2.01, or 3%, to settle at $70.10, its biggest daily gain since May 5. Brent settled at $74.28 after a 2.3% gain. Prices rose ahead of an OPEC+ meeting, while House passage of a bill to suspend the US debt ceiling offset rising US inventories.

- Date: 2023-06-01 · published 2023-06-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/35673-oil-rises-3-on-us-debt-ceiling-progress-traders-on-alert-for-opec-meeting
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of OPEC+ supply restraint and reduced US default risk support crude prices. Stronger energy prices tend to lift biofuel-linked and input costs for feed.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-falls-after-large-surprise-build-us-crude-stocks-2023-06-01/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.