By Yuka Obayashi
TOKYO (Reuters) – Oil prices climbed on Monday, reversing some of Friday’s losses, as investors focused on a tight global supply outlook and a last-minute deal that avoided a U.S. government shutdown restored their risk appetite.
Brent December crude futures rose 18 cents, or 0.2%, to $92.38 a barrel by 0037 GMT after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contract’s expiry on Friday.
U.S. West Texas Intermediate crude futures gained 23 cents, or 0.3%, to $91.02 a barrel, after losing 92 cents on Friday.
Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.
The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, is unlikely…
