Doha: Oil prices rose on Monday: Oil prices increased due to optimism surrounding the potential end of the US government shutdown, which could boost demand in the world's largest oil-consuming nation. This development helped offset concerns about rising global oil supplies.
According to Qatar News Agency, Brent crude futures rose by 47 cents, or 0.74%, reaching $64.10 per barrel. Meanwhile, US West Texas Intermediate crude experienced an increase of 50 cents, or 0.84%, bringing it to $60.25 per barrel.
Both Brent and WTI experienced a decline of about 2% last week, marking their second consecutive weekly decrease amid fears of an oversupply in the market.