Oil gained as optimism that Congress may resume talks over another round of economic stimulus provided a glimmer of hope for an otherwise dreary demand outlook. Futures in New York advanced 1% on Thursday to the highest in nearly a week after earlier flipping between gains and losses in tandem with stocks. House Speaker Nancy Pelosi said she spoke with Treasury Secretary Steven Mnuchin, signaling openness to resuming stimulus talks.

WTI trades in a tight range this week following last week's rally

The coronavirus pandemic has showed signs of a resurgence and investors are also concerned over returning OPEC+ supply and production from Libya as its civil war abates. A possible collapse in the OPEC+ deal is the biggest downside price risk to the oil market, Standard Chartered analyst Emily Ashford said during a Bloomberg-hosted panel discussion.

PRICES
  • West Texas Intermediate for November delivery rose 38 cents to settle at $40.31 a barrel
  • Brent for November settlement edged 17 cents higher to end the session at $41.94 a barrel