Oil rises amid strong hopes for a swift US government reopening.

Arab Sea Newspaper - Special

Arab Sea - Follow-ups: Oil prices rose on Monday, amid optimism that the US government shutdown may end soon and boost demand in the world's largest oil consumer, offsetting concerns about rising global supplies. By 0123 GMT, Brent crude futures rose 47 cents, or 0.74 percent, to $64.10 a barrel by 0123 GMT. US West Texas Intermediate crude was at $60.25 a barrel, up 50 cents, or 0.84 percent. An end to the historic US government shutdown, now in its 40th day, is within reach as the Senate moved on Sunday toward a vote to reopen the federal government. "The imminent reopening is a welcome boost, as it will restore wages to 800,000 federal workers and restart vital programs that will boost consumer confidence, activity and spending," said Tony Sycamore, a market analyst at the International Crisis Group. "This should also help improve risk sentiment in markets and cause WTI prices to rebound towards $62 a barrel," he added. Brent and WTI crude fell about two percent last week and recorded their second weekly decline, amid concerns about oversupply. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed to increase production slightly in December, but also halted further increases in the first quarter of next year. US crude inventories have also increased, while the volume of oil stored on ships in Asian waters has doubled in the past few weeks after tighter Western sanctions reduced imports to China and India, and with a shortage of import quotas limiting demand from independent Chinese refiners, fearing oversupply.