6/2, 8:35 AM (Source: TeleTrader)
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Oil up 1% on renewed demand optimism

The prices of oil futures rose on Friday with the crude demand outlook seemingly boosted by the end of the debt limit saga in the United States. The Senate passed the deal, putting fears over a potential global economic catastrophe to rest.

Meanwhile, in China, one of the world's largest oil importers, the manufacturing activity in May rose to its highest point in 11 months, exiting the contraction territory.

West Texas Intermediate (WTI) for settlements in July gained 1.04%, to sell at $70.92 per barrel at 2:24 am ET. Brent for the deliveries in August added 1.14%, to go for $75.13 per barrel a minute later.

Baha Breaking News (BBN) / AY