Oil Prices Stable As Focus Returns To Supply Outlook

Oil prices maintained stable on Monday after falling at the end of last week, as investors resumed their attention to a tight global supply outlook, but a last-minute deal to avoid a US government shutdown revived some risk appetite.

Brent December crude futures were up 17 cents, or 0.18 percent, to $92.37 per barrel by 0802 GMT, after plunging 90 cents the previous day. Brent November futures finished 7 cents lower at $95.31 a barrel on Friday, as the contract came to an end.

After losing 92 cents on Friday, West Texas Intermediate crude futures in the US climbed 26 cents, or 0.29 percent, to $91.05 per barrel.

Both benchmarks rose about 30 percent in the third quarter on expectations of a large crude supply deficit in the fourth quarter, following the extension of additional supply restrictions by Saudi Arabia and Russia until the end of the year.

The Organization of the Petroleum Exporting Countries, along with Russia and its allies, or OPEC+, is unlikely to change its present oil output policy when the Joint Ministerial Monitoring Committee meets on Wednesday, according to four OPEC+ sources.