Global crude oil prices recorded gains in early trading yesterday, driven by rising optimistic sentiment in the market.
This was due to hopes for an end to the US government shutdown, which has entered its 40th day, thus suggesting a recovery in demand from the world's largest producer.
Brent crude futures rose by 0.74% to $64.10 a barrel, while West Texas Intermediate (WTI) crude rose by 0.84% to $60.25 a barrel.
The market's rise was largely driven by news that the US Senate has officially moved the vote to reopen the government.
The move is seen as restoring the income of government workers whose salaries have been suspended and boosting consumer confidence and spending.
Despite the improved market sentiment, concerns about a global supply glut still restrained price gains.
Rising oil inventories in the US and high oil loadings on Asian tankers indicate that supply remains strong even though demand may increase.
Meanwhile, the announcement by OPEC+ to slightly increase production in December and halt further increases in the first quarter of 2026 also signals that oversupply remains a major risk to the oil market.
