Oil price rises to $64/barrel

Oil prices rose on Monday, November 10, 2025, on optimism that the United States government shutdown could end soon and lift demand in the world’s top oil consumer.

Brent crude futures rose 45 cents, or 0.71%, to $64.08 a barrel by 0426 GMT, while U.S. West Texas Intermediate crude was at $60.23 a barrel, up 48 cents, or 0.80%.

An end to the historic U.S. government shutdown, now in its 40th day, is within reach as the Senate on Sunday moved toward a vote on reopening the federal government.

IG market analyst Tony Sycamore said: “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.

“This should also help improve risk sentiment across markets and cause a rebound in WTI prices toward $62 a barrel.”

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Brent and WTI fell about 2% last week and notched their second weekly decline, on fears of a supply glut.

The Organization of the Petroleum Exporting Countries and their allies, or OPEC+, agreed to increase output slightly in December, but it also paused further hikes in the first quarter, wary of a supply glut, Reuters reported.

Crude inventories are also on the rise in the United States while the volume of oil stored on board ships in Asian waters has doubled in recent weeks after tightening Western sanctions curtailed imports to China and India and as a shortage of import quota curbed demand from independent Chinese refiners.

The Star