Oil Prices Climb as Hopes Rise for End to US Government Shutdown

Oil prices surged as optimism about a potential end to the US government shutdown drives demand expectations, overshadowing concerns over rising global supplies.

• Brent Crude futures increased by 47 cents to $64.10 a barrel, reflecting optimism over a resolution in the United States Senate regarding the federal government of the United States shutdown.
• West Texas Intermediate crude rose to $60.25 a barrel, as market sentiment shifted positively amid hopes for boosted demand from the worlds leading oil consumer, the United States.
• Concerns about increasing petroleum supplies globally, particularly from OPEC and other producers, are currently being overshadowed by the potential economic stabilization from an end to the US government shutdown.