Oil rises as progress in U.S. debt talks boosts risk appetite

Oil rose after US leaders including President Joe Biden sounded a broadly positive tone on solving the debt-limit impasse, aiding risk appetite.

West Texas Intermediate for July gained above $72 a barrel after that contract added 0.5% on Monday. House Speaker Kevin McCarthy said he and Biden had a productive talk, although a deal to avert a default has yet to be struck. Before the meeting, Treasury Secretary Janet Yellen had warned that it was now highly likely her department would run out of sufficient cash in early June.