Oil prices rose on Monday amid optimism that the US government shutdown could soon end, easing worries about demand.
International benchmark Brent crude was trading at $64.04 per barrel at 09.20 a.m. local time (0620 GMT), up around 0.8% from the previous close of $63.55.
US benchmark West Texas Intermediate (WTI) also increased by about 0.8% to $60.18, compared to $59.69 in the prior session.
Congressional negotiators seeking to broker an end to the 40-day US government shutdown are nearing an agreement to reopen federal agencies, President Donald Trump said Sunday.
"It looks like we're getting very close to the shutdown ending," Trump told reporters as he returned to the White House.
The upbeat assessment came as multiple reports suggested lawmakers reached a bipartisan agreement to fund the government through the end of January in exchange for a pledge from Senate Republicans to hold a vote on extending critical health care subsidies that are slated to expire Jan. 1.
The US Senate convened Sunday evening local time to vote on the short-term funding bill. If approved, the measure will advance to the House of Representatives before being sent to the White House for Trump's signature, paving the way for the government's reopening.
The government shutdown disrupted travel in several major US cities, particularly air travel, raising concerns that fuel demand could slow.
An end to the shutdown could pave the way for a rebound in air travel during the winter holiday season, when oil demand typically rises.
Meanwhile, lingering concerns about excess supply next year are tempering the upward momentum in prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided to pause production after a partial increase, a move investors viewed as a sign of lingering concerns about oversupply.
Investors will be focusing on the monthly sector reports from OPEC and the International Energy Agency (IEA) to be released this week.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr