Oil rose as investors watched for progress in lobbying efforts to secure the approval of a US debt-ceiling deal to avert a default.
West Texas Intermediate futures rose to near $73 a barrel from Friday's close after there was no settlement on Monday due to a US holiday. The White House and Republican congressional leaders are increasing their lobbying of lawmakers to support the legislation after a tentative agreement was reached over the weekend.
Oil is still around 9% lower this year due to China's lackluster economic recovery following the end of Covid Zero and the Federal Reserve's aggressive monetary tightening campaign. Even after the nation said it would reduce its output, Russia's supply has been robust.
Traders will be on the lookout for additional signals about supply from OPEC before the group meets June 3 - 4 to set its output policy. Saudi Arabia and Russia have offered conflicting signals on the possibility for the collective to alter its production levels.
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