Oil prices went up for a second day on Monday, picking up steam as investors grew more positive about the end of the US government shutdown, which has already crossed the 6-week mark. Brent crude pushed above $64 a barrel. West Texas Intermediate sat close to $60. The mood across global markets shifted—people started buying again, brushing off some of those worries about oversupply and betting that demand will hold steady.
Stocks and commodities attracted fresh buying. The progress in Washington gave traders some relief, helping to balance out lingering fears about too much oil on the market. Now, everyone’s watching a busy week of energy reports that could steer prices in the near term.
OPEC’s set to publish its monthly market update on Wednesday. Right after, the International Energy Agency will share its annual outlook, followed by the US Energy Information Administration’s numbers on crude inventories. These reports promise a clearer view of whether the world’s awash in oil or if demand can keep up.
Even with recent stumbles, oil prices have hung in there—many expect OPEC+ will hold off on boosting production in early 2026 to avoid flooding the market. Still, rising output in the US and looser supply limits from Russia and others are tough hurdles.
Most analysts see crude trading in a tight range unless demand picks up in a big way. If WTI climbs past $61, that could spark more buying. But if it slips below $59, prices might head lower in the days ahead.
