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 were up $1.21, or 1.6% to $75.49 a barrel by 1134 GMT, while U.S. West Texas Intermediate crude (WTI) was up $1.19, or 1.7%, at $71.29. Both contracts were headed for their first weekly loss in three weeks.

Markets were reassured by a bipartisan deal to suspend the limit on the U.S. government's $31.4 billion debt ceiling, which staved off a sovereign default that would have rocked global financial markets.

Earlier signals of a potential pause in rate hikes by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar, making oil cheaper for holders of other currencies.

Source : Reuters