Crude oil prices rose this morning as the US struggled to reach an agreement on raising the debt ceiling to avoid a default.

Prices were also affected by the release of stocks onto the market.

US crude fell by 16¢ to stand at $97.24 a barrel, while Brent crude rose by 41¢ to $117.84 a barrel, reports Reuters.

Analysts said that oil prices are unlikely to slide much further because demand is expected to grow steadily amid reduced global output.