Oil rises on possible end of US government shutdown

Oil drilling rigs

Oil prices turned higher during trading on today, Nov. 11, supported by investor optimism that the US government shutdown was nearing its end.

 

Brent crude was trading up 0.5% at $64.38 a barrel, at 01:02 pm Makkah time. West Texas Intermediate (WTI) gained 0.5% to $60.42 a barrel.

 

Prices received a boost after the US Senate voted in favor of an agreement that would end the longest government shutdown in the country's history and resume funding for federal agencies.

 

The market is awaiting the release of OPEC's monthly report on oil market conditions, due Nov. 12, and the International Energy Agency will release its annual report on the same day.

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