Oil prices rose Monday on optimism that the U.S. government shutdown could soon end, boosting expectations for stronger demand in the world’s largest oil consumer.
According to CNBC, Brent crude futures rose 0.8 percent to settle at $64.16 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.95 percent to $60.31.
The improvement came as the U.S. Senate moved to vote on reopening the federal government following a historic 40-day shutdown, restoring confidence in economic activity and energy markets.
Last week, both crude benchmarks fell by about 2 percent amid concerns over a supply glut and rising global inventories, despite the OPEC+ alliance agreeing to a modest production increase in December and suspending any additional hikes in the first quarter of next year.
