The broad-based optimism in the risk complex lends extra wings to prices of the WTI to the area of weekly peaks north of the $73.00 mark per barrel.

WTI boosted by debt ceiling hopes

In fact, WTI briefly surpassed the $73.00 barrier following increasing hopes the US policy makers could strike a deal on the debt ceiling issue in the next few days, while the renewed weakness surrounding the US dollar also collaborated with the upside bias in the commodity.

That said, prices of the American benchmark for the sweet light crude oil are en route to close the first week with gains after four consecutive pullbacks.

Later in the NA session, Baker Hughes will report on the US usual drilling activity during the week ended on May 19