Oil prices surge on U.S. debt deal and OPEC focus.
TL;DR Summary
Oil prices rose over 2% after the US Congress passed a debt ceiling deal and jobs data showed a possible pause in interest rate hikes. Attention has now turned to the OPEC+ meeting on June 4, with traders uncertain if the group will announce further output cuts. Manufacturing data from China, the world's second biggest oil consumer, painted a mixed picture, while early heatwaves in the country are putting power grids under strain.
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