Global crude oil prices climb 1 dollar

Global crude oil prices climbed 1 dollar on Monday after suffering losses at the end of last week, as investors' focus returned to a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored some risk appetite.

 

Brent crude oil futures rose 1 to 93.24 dollars a barrel after falling 90 cents on Friday. US crude gained 96 cents to 91.75 dollars a barrel after losing 92 cents on



Friday.

 

Both benchmarks have rallied nearly 30 percent 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 to tweak its current oil output policy at a key meeting on Wednesday.