While markets assessed the likelihood of OPEC+ production cuts supporting prices over the weekend, oil prices rose on Friday.

As Congress approves the U.S. debt ceiling bill, oil prices are rising. Brent oil futures rose 71 cents, or 0.96% to $74.99 per barrel at 0600 GMT. After two consecutive days of losses, West Texas Intermediate (WTI) oil rose 66 cents, or 0.94%, to $70.76. Edward Moya, senior market analyst at OANDA believes that “Oil prices are stabilizing after a series of disappointing global manufacturing data supported the case for a further reduction in OPEC+