Singapore, June 02 (QNA) - Oil prices rose on Friday after the US Congress approved the debt ceiling bill and amid market expectations that OPEC+ will implement a production cut to support prices in the next two days.

Brent crude futures rose 71 cents, or 0.96 percent, to USD74.99 a barrel, while US West Texas Intermediate crude (WTI) rose 66 cents, or 0.94 percent, to USD70.76, following two consecutive losing days.

Markets were reassured after the approval of a bill in Congress suspending the US debt ceiling of USD31.4 trillion, in addition to indications that the US Federal Reserve may stop raising interest rates.

Earlier Friday, the US Senate approved the debt ceiling bill to avoid a catastrophic debt default and a violent shake-up in financial markets. (QNA)