SINGAPORE – Oil prices rebounded on Friday from losses of more than 1 percent the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose 73 cents, or 1 percent, to $76.59 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude climbed 62 cents, or 0.9 percent, to $72.48. 'I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold conditions,' said Yeap Jun Rong, a market strategist at IG.

https://business.inquirer.net/401667/oil-rebounds-on-fading-risk-of-us-debt-default

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