Oil prices rise as traders watch U.S. debt ceiling talks

NEW YORK, May 22 (Xinhua) -- Crude oil futures prices saw slight increase on Monday as the market waited for news on debt ceiling negotiations in the United States.

The West Texas Intermediate (WTI) for June delivery increased by 0.44 U.S. dollars, or 0.61 percent, to settle at 71.99 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained 0.41 dollars, or 0.54 percent, to settle at 75.99 dollars a barrel on the London ICE Futures Exchange.