NEW YORK: US crude oil futures gained more than 1 percent as it appeared US Congress was close to an 11th-hour deal to raise the government’s debt ceiling and prevent a default.
The front-month November Brent contract was up 81 cents to $110.77 a barrel by
1522 GMT. The previous session, Brent fell $1.14. December Brent rose $1.09 per barrel to $110.51.
Brent’s premium over US oil has remained between the 10- and 200-day moving averages of $7.62 and $10.04 for the last seven sessions and was last trading at $8.49.
The US benchmark rose $1.09 to $102.30. On Tuesday, it fell $1.20.
The US Energy Information Administration was not releasing its weekly oil inventory data this week due to the government shutdown.
Oil jumps on budget deal hope
Oil jumps on budget deal hope
