Oil prices rebound after weeks of decline — Bloomberg

According to the agency, oil prices rose amid attempts to shut down the US government. In addition, traders expect a busy week with new economic data that will show whether there is an oil surplus forming on the global market.

In particular, Brent crude rose above $64 per barrel after a two-week decline, while West Texas Intermediate (WTI) is trading at around $60.

The growth was facilitated by the US Senate's move to resume government operations, which had a positive impact on stock markets and most commodities.

This week, the market is expecting a series of important publications. OPEC will present its monthly report on Wednesday, and the International Energy Agency (IEA) will present its annual forecast and regular review the following day.

The US Energy Information Administration (EIA) will also release data on changes in oil reserves.

Despite the current growth, oil prices have fallen for five of the last six weeks due to fears of oversupply.

OPEC+ countries, including Russia, are gradually easing production restrictions ahead of an expected market stabilization in the next quarter. Meanwhile, producers outside the alliance, notably the US, are increasing production.

As Bloomberg notes, US sanctions also remained in focus.

"The price action has been a slow grind lower, with tight daily ranges and a reluctance from traders to push prices hard in any one direction," said Chris Weston, head of research at Pepperstone Group.

He added that OPEC's plan to suspend production growth in the first quarter could help offset the headwinds.

Sanctions against Russian oil companies

Earlier, the administration of US President Donald Trump imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, increasing pressure on Moscow to force it to end the war in Ukraine.

At the same time, Hungary, which depends on Russian energy supplies, was exempted from these sanctions after negotiations with Washington.