Oil jumps 3% on US debt ceiling progress, Opec+ in focus

Brent crude futures rose US$2.25, or 3.1%, to US$74.85 a barrel , while the WTI rose US$2.49, or 3.7%, to US$68.16.

BENGALURU: Oil prices rose more than US$2 a barrel on Thursday on hopes for a pause in US interest rate hikes and passage of the debt ceiling bill in the House of Representatives helped offset data showing rising inventories in the world's biggest oil consumer.

Brent crude futures rose US$2.25, or 3.1%, to US$74.85 a barrel by 11:50 a.m. EDT (1550 GMT). US West Texas Intermediate crude (WTI) rose US$2.49, or 3.7%, to US$68.16.