Oil prices edged higher on Monday as investors assessed moves aimed at ending the U.S. government shutdown while concerns around oversupply in the crude market persisted.Brent crude futures rose 43 cents, or around 0.7%, to $64.06
Oil prices edged higher on Monday as investors assessed moves aimed at ending the U.S. government shutdown while concerns around oversupply in the crude market persisted.
Brent crude futures rose 43 cents, or around 0.7%, to $64.06 a barrel by 1409 GMT. U.S. West Texas Intermediate crude was at $60.18 a barrel, also up about 43 cents or 0.7%.
The U.S. Senate on Sunday moved forward on a measure aimed at reopening the federal government and ending a now 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air travel.
RISK APPETITE RETURNS
U.S. lawmakers' first step in ending the shutdown helped the return of risk appetite to markets, said PVM analyst Tamas Varga.
Analysts were concerned about any impact from flight cancellations on U.S. jet fuel demand. Airlines canceled more than 2,800 U.S. flights and delayed more than 10,200 on Sunday in the worst day for disruptions since the start of the shutdown.
Brent and WTI fell about 2% last week and notched their second weekly decline, on fears of a supply glut. The Organization of the Petroleum Exporting Countries and its allies, or OPEC+, agreed to increase output slightly in December, but it
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