Crude oil futures ended higher, extending previous session’ gains, on warning from Saudi Arabia's energy minister that oil prices may not continue to decline and some speculation that OPEC and allies might consider another cut in production next month. Besides, hopes about U.S. lawmakers agreeing on a debt ceiling deal soon, and data showing an unexpected rise in U.S. private sector activity contributed as well to the rise in oil prices. The S&P Global US Composite PMI rose to 54.5 in May 2023, up from 53.4 the month before, a preliminary estimate showed.
Benchmark crude oil futures for June delivery gained $0.86 or about 1.2 percent to settle at $72.91 a barrel on the New York Mercantile Exchange. Brent crude for July delivery rose $0. 85 or 1.1 percent to settle at $76.84 a barrel on London's Intercontinental Exchange.