Baghdad: Oil prices rose slightly at settlement on Monday, affected by Moody’s downgrade of the United States’ credit rating.

According to National Iraqi News Agency, Brent crude futures rose 13 cents at settlement to $65.54 a barrel. Similarly, US West Texas Intermediate crude increased by 20 cents to $62.69 a barrel at settlement. Both crudes had gained more than 1% over the past week.

Last Friday, Moody’s downgraded the United States’ rating from “Aaa” to “Aa1,” pointing to “high debt and interest rates, which are significantly higher than those of similarly rated countries.” The credit rating downgrade has contributed to fluctuations in the oil market, impacting investor sentiments and price movements.