Oil is recovering after heavy losses before the vote on the US debt ceiling. Oil prices have risen in the hope of raising the U.S. debt ceiling by $31.4 trillion

Brent oil futures for delivery in August rose 11 cents to $73.82 per barrel at 0013 GMT, while West Texas Intermediate (WTI) oil gained 8 cents to $69.54 per barrel. Both fell by more than 4 percent on Tuesday. The July Brent contract, which expires Wednesday, and the U.S. benchmark were on track for monthly declines of more than 7% and 9%, respectively