Yongchang Chin

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Oil edged higher as investors watched for progress on lobbying campaigns to win approval for a US debt-ceiling deal to avert a default.

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Oil held its biggest decline in four weeks on signs of weaker demand and sufficient supply ahead of an upcoming OPEC+ meeting.

Saudi Arabia pledged an additional production cut in July to stabilize the oil market, ceding ground to two of its key allies — Russia and the United Arab Emirates — which made no commitment to curb further.

Most market watchers including Goldman Sachs had expected the oil cartel to keep output unchanged, but Saudi Arabia had other ideas.

Brent for August settlement advanced $1.68 to $77.81.

Oil steadied amid persistent concerns over the demand outlook following a short-lived bounce on Saudi Arabia’s pledge to cut more supply.

Oil steadied as investors weighed mixed US data on crude and petroleum stockpiles amid persistent concerns over the demand outlook.

Oil headed for a second weekly drop as demand concerns returned to the fore, snuffing out gains driven by Saudi Arabia’s unilateral pledge to cut production.