Oil Prices Rise After US Debt Deal, All Eyes on OPEC Meeting

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, on Sept. 28, 2016. Ramzi Boudina/Reuters

LONDON—Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend.

Brent crude futures rose 77 cents, or 1 percent to $75.05 a barrel by 0806 GMT, while U.S. West Texas Intermediate crude (WTI) was up 69 cents, or 1 percent, at $70.79. Both contracts were headed for their first weekly loss in three weeks.