Business · Energy & Commodities · 1 hr ago
Oil prices rise about 2%, with Brent settling at $106.65 a barrel
Oil prices rose about 2% by the close of trading on Monday after falling earlier in the session.
Brent crude settled at $106.65 a barrel, its highest closing level since September 15, while U.S. West Texas Intermediate reached $93.74.
Investors are weighing whether global oil supplies will increase and watching stockpiles and the balance between supply and demand.
Markets are also monitoring Russian supplies and efforts to restart production at some Gulf of Mexico offshore facilities after weather disruptions.
Goldman Sachs raised its forecast for Brent in December to $90 a barrel from $85.
It expects U.S. crude to average about $81 in December 2026 and fall to $73 in 2027.
Supply changes, global inventories and demand for fuels such as diesel will help shape the next direction of prices.
Oil prices rose about 2% at Monday’s settlement after recovering from earlier losses.
Brent crude futures gained $1.93, or 1.8%, to settle at $106.65 a barrel.
The Brent settlement was its highest closing level since September 15.
U.S. West Texas Intermediate futures rose $1.89, or about 2%, to $93.74 a barrel.
Investors were assessing possible changes in global supply, inventory levels and the balance between supply and demand.
- Who
- Oil traders and investors.
- What
- Oil prices rose at settlement, with Brent reaching $106.65 a barrel and U.S. West Texas Intermediate reaching $93.74.
- When
- Monday’s trading session. The article was published on October 13, 2026.
- Where
- Global oil markets; the prices reported are for Brent and U.S. West Texas Intermediate crude.
- Why
- Investors were assessing possible increases in global supply, inventory levels and the balance between supply and demand.
This story does not have two clearly opposing sides.
Oil prices fell at the start of the session.
Prices reversed direction and closed higher, with Brent at $106.65 a barrel and U.S. West Texas Intermediate at $93.74.
- Brent settlement
- $106.65 a barrel
- Brent daily gain
- $1.93, or 1.8%
- U.S. West Texas Intermediate settlement
- $93.74 a barrel
- U.S. West Texas Intermediate daily gain
- $1.89, or about 2%
- Goldman Sachs December Brent forecast
- $90 a barrel, raised from $85
Sources
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