Oil gains on hopes US government to reopen soon

Oil prices rose on Monday on optimism that the US government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally. Brent crude futures rose 45 cents, or 0.71%, to $64.08 a barrel by 0426 GMT. US West Texas Intermediate crude was at $60.23 a barrel, up 48 cents, or 0.80%. An end to the historic US government shutdown, now in its 40th day, is within reach as the Senate on Sunday moved toward a vote on reopening the federal government. “The imminent reopening is a welcome boost, restoring pay to 800,000 federal workers and restarting vital programs that will lift consumer confidence, activity and spending,” IG market analyst Tony Sycamore said. “This should also help improve risk sentiment across markets” and cause a rebound in WTI prices toward $62 a barrel, he said.