Oil prices rose on Monday, October 2, recovering some of their losses on Friday, as investors focused on expectations of a lack of global supply and a last-minute agreement to avoid a US government shutdown, which restored their appetite for risk.
By 0037 GMT, Brent crude futures for December rose 18 cents, or 0.2%, to $92.38 a barrel, after falling 90 cents in Friday’s session.
Brent crude futures for November settled down 7 cents to $95.31 a barrel when the contract expired on Friday.
West Texas Intermediate crude futures rose 23 cents, or 0.3%, to $95.31 a barrel, after falling 92 cents on Friday.
The two crude oils rose by nearly 30% in the third quarter, supported by expectations of a widening deficit in oil supply in the fourth quarter, after Saudi Arabia and Russia extended voluntary production cuts until the end of the year.
Modified by OPEC+
Four sources told Reuters that the Organization of the Petroleum Exporting Countries 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.
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.
