Commodities
Oil Edges Higher as Risk-On Mood Shifts Focus from Surplus Fears
Oil pumping jacks at an oilfield near Sokolovka village, in the Udmurt Republic, Russia.
Source: Bloomberg
Oil rose as a push to end the US government shutdown buoyed wider markets, with crude traders also looking toward a data-heavy week that will yield insights into whether a long-awaited global surplus is forming.
West Texas Intermediate rose around 0.6% to settle above $60 a barrel after two weekly declines, while Brent closed around $64. In the US, the White House expressed support for a bipartisan deal to reopen the US government after its longest-ever shutdown. Markets took the progress as a breakthrough, with tech shares driving the equities rally.