Oil prices edged higher on Monday, along with other risk assets, after U.S. data showed a slowdown in inflation, reviving hopes of further policy easing next year that would support global economic growth and oil demand.
Brent crude futures were up 26 cents, or 0.4%, at $73.20 a barrel by 0141 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, at $69.77 a barrel.
"Risk assets, including U.S. equity futures and crude oil, have started the week on a firmer footing," said IG market analyst Tony Sycamore, adding that cooler inflation data helped ease concerns after the Federal Reserve's aggressive interest rate cuts.
"I think the U.S. Senate passing legislation to end the short-term shutdown over the weekend has helped," he said.
Both oil benchmarks fell more than 2% last week on concerns about global economic growth and oil demand after the U.S. central bank signaled caution over further monetary policy easing. Research from Asia's top refiner Sinopec (OTC:SHIIY) showing China's oil consumption peaking in 2027 also weighed on prices.
Concerns about European supplies eased after reports the Druzhba pipeline, which carries Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, had restarted after being halted on Thursday due to technical problems at a Russian pumping station.
Shipments resumed on Saturday, according to Belarusian state news agency BelTa. On Sunday, Hungarian Foreign Minister Peter Szijjarto said Druzbha supplies to the country had resumed.
Before the shutdown, the pipeline was carrying 300,000 barrels of crude per day.
Source: Investing.com
Oil prices rose more than 1% on Monday after OPEC+ only raised November production by 137,000 bpd, a smaller increase than would have affected the market. At 08:08 GMT, Brent rose 1.2% to $65.33 per b...
OPEC+ is once again playing it cautiously. For the second consecutive month, the world's largest oil producer group only increased supply by 137,000 barrels per day—a figure significantly lower than m...
Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still...
Oil prices edged higher on Friday but remained on course for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. Brent crude futures gained 43 cents, or 0.67%, to $64.54 a ...
Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that's expected to result in the return of more idled barrels, exacerbating concerns around oversupply. ...
US stocks were higher on Monday, with the S&P 500 up 0.3%, the Nasdaq gaining 0.5%, and the Dow Jones rising roughly 60 points, as AI-related partnerships continued to support investor sentiment. AMD shares soared more than 30% after the...
The White House is tightening its pressure on Democratic lawmakers as the U.S. government shutdown enters its second week, saying it will give them another chance to agree on a spending bill before beginning mass layoffs of federal employees. With...
Gold prices hit an all-time high on Monday (October 6), surging above $3,900 an ounce, as investors flocked to safe-haven assets amid the US government shutdown, broader economic uncertainty, and the prospect of further Federal Reserve interest...
European stocks closed mostly higher to extend the positive momentum this week on strength in healthcare and luxury brands. The Eurozone's STOXX 50...
If it just seems like the first Friday of the month wasn't the same without being able to pore through the Bureau of Labor Statistics' hotly watched...
The S&P 500 closed mostly flat on Friday, the Dow Jones extended its record run, rising 240 points finisheing at 46,758 after briefly surpassing...
Federal Reserve (Fed) Bank of Dallas President Lorie Logan struck a nervous tone on Friday, warning that despite a rapidly-weakening labor market, a...