Crude oil prices edged higher on Monday amid optimism that the U.S. government shutdown may soon come to an end, boosting expectations of stronger demand from the world’s largest oil consumer. This helped balance concerns over rising global supply.
Brent crude futures increased by 45 cents (0.71%) to reach $64.08 per barrel, while U.S. West Texas Intermediate (WTI) rose 48 cents (0.80%) to trade at $60.23 per barrel.
Last week, both Brent and WTI fell by nearly 2%, marking their second consecutive weekly decline due to persistent worries over a global supply glut.
OPEC and its allies agreed to a modest production increase in December but decided to delay any additional hikes until the first quarter, citing caution over potential oversupply in the market.
Analysts noted that U.S. President Trump’s decision to grant Hungary a one-year exemption on Russian oil imports added to global oversupply fears, further complicating price stability efforts.
