Oil prices settled higher on Wednesday, with optimism about the course of debt ceiling negotiations and after the release of US inventories data.
Brent crude futures for July delivery increased by 2.7%, equivalent to $2.05, at $76.96 a barrel, after it reached $77.31 during the session.
The price of US Nymex crude for June delivery rose by 2.8%, or $1.97, to record $72.83 per barrel.
Oil prices gained support after US President Joe Biden’s statements regarding his confidence in reaching an agreement with congressional leaders, noting that everyone agreed that the United States would not default.
US Energy Information Administration data revealed that oil inventories rose by 5 million barrels last week, but gasoline stocks fell by 1.4 million barrels.
Russian President Vladimir Putin said in a televised interview that Russia’s pledge to cut voluntary production aims to maintain a certain price environment in global markets.
Swiss bank UBS lowered its forecast for oil prices, as it expects the price of Brent crude to reach $95 a barrel by the end of this year, instead of its previous forecast of $105 a barrel, citing fears of a recession.