Oil prices rose on Monday, recouping some of their losses on Friday, as investors focused on expectations of tight global supply and a last-minute agreement to avoid a US government shutdown, which restored their risk appetite.<\/p>\n\n\n\n
By 0037 GMT, Brent crude futures for December rose 18 cents, or 0.2 percent, to $92.38 a barrel, after falling 90 cents in Friday\u2019s session. Brent crude futures for November settled down seven cents to $95.31 a barrel when the contract expired on Friday.<\/p>\n\n\n\n
West Texas Intermediate crude futures rose 23 cents, or 0.3 percent, to $95.31 a barrel, after falling 92 cents on Friday.<\/p>\n\n\n\n
The two crude oils rose by nearly 30 percent in the third quarter, supported by expectations of a widening oil supply deficit in the fourth quarter after Saudi Arabia and Russia extended voluntary production cuts until the end of the year.<\/p>\n\n\n\n
Four sources told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC+, are unlikely to revise current oil production policy when the ministerial committee meets on Wednesday, given that supply cuts and increased demand are pushing oil prices higher.<\/p>\n\n\n\n
A last-minute decision by Republican US House of Representatives Speaker Kevin McCarthy to enlist the help of Democrats to pass a temporary funding bill that postpones the possibility of a government shutdown until mid-November, which means that more than four million government employees can continue to receive their salaries.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Monday, recouping some of their losses on Friday, as investors focused on expectations of tight global supply and a last-minute agreement to avoid a US government shutdown, which restored their risk appetite. By 0037 GMT, Brent crude futures for December rose 18 cents, or 0.2 percent, to $92.38 a barrel, after …<\/p>\n","protected":false},"author":9,"featured_media":81795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846,6936,7587],"class_list":["post-90256","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil","tag-oil-prices","tag-us-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=90256"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90256\/revisions"}],"predecessor-version":[{"id":90257,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90256\/revisions\/90257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81795"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=90256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=90256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=90256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}