Brent crude futures rose 45 cents, or 0.71 percent, to $64.08 a barrel by 0426 GMT. U.S. West Texas Intermediate crude traded at $60.23 a barrel, up 48 cents, or 0.80 percent.
An end to the historic shutdown of the US government, now in its 40th day, is within reach as the Senate moves toward a vote on Sunday on reopening the federal government.
“The upcoming reopening is a welcome boost, restoring wages to 800,000 federal employees and restarting vital programs that will boost consumer confidence, activity and spending,” said IG market analyst Tony Sycamore.
“This should also help improve risk sentiment in the markets” and trigger a recovery in WTI prices towards $62 per barrel, he said.
Brent and WTI fell around 2 percent last week, recording their second weekly decline, on fears of a supply glut. The Organization of the Petroleum Exporting Countries and their allies, or OPEC+, agreed to increase output slightly in December but also paused further increases in the first quarter amid fears of a supply glut.
Crude stockpiles are also rising in the United States, with the amount of oil stored on board ships in Asian waters doubling in recent weeks after tougher Western sanctions restricted imports to China and India and a shortage of import quotas curbed demand from independent Chinese refiners.
Indian refiners have turned to the Middle East and America to replace sanctioned Russian supply.
Russian oil producer Lukoil is facing mounting disruption as a Nov. 21 U.S. deadline for companies to stop doing business with the Russian oil company approaches and after a hoped-for sale of the business to Swiss trader Gunvor collapsed.
US President Trump’s decision to grant Hungary a one-year exemption from US sanctions on Russian oil imports has increased concerns about global oversupply, Sycamore said.
Published on November 10, 2025
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