26.05.202309:27:00UTC+00Oil Prices Gain As Dollar Eases On US Debt Deal Hopes

Oil prices were a tad higher on Friday after falling more than 3 percent on Thursday as Russia played down the prospect of additional output cuts by OPEC+.

Benchmark Brent crude futures were up 0.2 percent at $76.39 a barrel, while WTI crude futures were up 0.4 percent at $72.11.

Russian Deputy Prime Minister Alexander Novak reportedly said that he doesn't think there will be any new steps with regard to production cuts.

"Just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries. The Saudis were trying to talk up oil prices and dangle a threat of more production cuts, but it looks like Russia won't be on board for additional cuts," Novak said.

Saudi Energy Minister Abdulaziz bin Salman had hinted just 24 hours earlier of the possibility of another round of production cuts at OPEC+'s meeting on June 4.

Oil prices received some support today as the dollar eased on reports that U.S. lawmakers are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items.