Brent close to $77/b despite looming glut


Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply.

Brent crude futures settled up $2.05, or 2.7%, to $76.96 a barrel. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83.

"Today’s strong oil trade was...