Oil ticks up as markets weigh U.S. debt deal, rate hike possibility

Oil prices were steady today after US leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and top oil consumer.

But concerns about further interest rate hikes have capped gains and kept investors on their toes.

Analysts say the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil.

Trade has been subdued due to the US Memorial Day holiday.