image credit: Freepik

Oil rises further on prospect of improved demand, debt ceiling hopes

May 22, 2023

Oil prices rose in early Asian trade on Tuesday, extending gains into a third straight session as markets bet on an improvement in U.S. fuel demand ahead of the memorial day weekend, while a positive tone from lawmakers on raising the debt ceiling also aided sentiment.

U.S. gasoline futures shot up this week as markets bet that fuel consumption will pick up with the start of the summer season, which is usually marked by the memorial day weekend.