Muscat: Oil prices rose today on optimism that the US government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally. Brent crude futures rose 47 cents, or 0.74%, to $64.10 a barrel. US West Texas Intermediate crude was at $60.25 a barrel, up 50 cents, or 0.84%.
According to Oman News Agency, Brent and WTI fell about 2% last week and notched their second weekly decline, on fears of a supply glut. The recent increase in oil prices reflects growing optimism in the market, as the potential reopening of the US government is expected to bolster demand. This development comes amidst a backdrop of concerns regarding rising oil supplies on a global scale, which had previously contributed to the decline in prices.
The market’s attention remains focused on the US, given its status as the world’s largest oil consumer. The prospect of increased demand from the US is seen as a key factor that could help counterbalance the concerns over global supply levels. As such, investors and analysts are closely watching the situation, speculating on possible outcomes and their implications for the oil market.