Oil prices increased due to the anticipation of seasonal gasoline demand and production cuts by OPEC+ producers. Brent crude futures rose 0.3% to $76.19 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $72.26 a barrel, up 0.3%. The U.S. Department of Energy's decision last week to purchase 3 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR) in August also supported the market. However, concerns over the U.S. debt ceiling talks and a potential increase in U.S. interest rates limited gains, making investors focus on negotiations to raise the debt limit of the U.S.