Oil closes higher amid hopes of end to US government shutdown

Oil drilling rigs

Oil prices rose at the close of volatile trading today, Nov. 10, supported by hopes of an end to the partisan divide that led to the US government shutdown, despite lingering concerns about a global supply glut.

Brent crude futures for January delivery rose 0.68%, or 43 cents, to $64.06 a barrel. U.S. West Texas Intermediate (WTI) crude futures for December delivery also climbed 0.64%, or 38 cents, to $60.13 a barrel.

The US Senate moved earlier in the week toward passing a temporary spending bill, a step that could end the government shutdown that has disrupted air travel.

The positive performance today followed a nearly 2% drop in crude prices last week, amid persistent concerns about a global supply glut due to increased production from both OPEC+ and non-OPEC producers.