FX.co ★ Oil Rises for 3rd Session

WTI crude oil futures increased to $60.7 per barrel on Monday, advancing for the third consecutive session. This rise is buoyed by optimism that the longest US government shutdown in history may conclude this week, coupled with strong demand for fuels, such as gasoline and diesel. The 42-day shutdown could potentially wrap up after the Senate approved a temporary funding measure, with the House set to review it on Wednesday. The increasing premiums on fuels have spurred buying activity, and technical traders might provide further support if prices breach significant thresholds. Despite these recent upswings, oil prices have faced challenges this year, experiencing three months of declines driven by forecasts of a global surplus as OPEC and other producers ramp up supply. In other developments, OPEC is anticipated to release its monthly outlook on Wednesday, which will coincide with the IEA’s annual forecast. Additionally, the IEA's monthly update is expected on Thursday.