Oil prices rose on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite.
Brent December crude futures rose 18 cents, or 0.2%, to $92.38 a barrel after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contracts expiry on Friday.
US West Texas Intermediate crude futures gained 23 cents, or 0.3%, to $95.31 a barrel, after losing 92 cents on Friday.
Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.
A last-minute decision by Republican House of Representatives Speaker Kevin McCarthy to turn to Democrats to pass a short-term funding bill pushed the risk of shutdown to mid-November, meaning the US federal governments more than 4 million workers can count on continued paychecks for now.
Source: Qatar News Agency