After American leaders reached an interim deal on the debt ceiling, thus avoiding default in the world's largest economy and largest consumer of oil, oil prices rose on Monday.

While West Texas Intermediate oil was $73.42 per barrel, up 75 cents, or 1%, Brent oil futures rose 66 cents, or 0.9%, to $77.61 per barrel at 02:47 GMT. Prices rose after negotiations on the American debt ceiling progressed and after Saudi Energy Minister Abdulaziz bin Salman warned short sellers who bet on a fall in oil prices that they should “watch out”