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Oil prices reversed earlier losses on Monday, rising despite the potential for improved global supplies following U.S. President Donald Trump's declaration of an "energy ceasefire" between Russia and Ukraine.
Brent crude futures for December delivery increased 0.69% to $105.44 a barrel, while U.S. West Texas Intermediate futures for November gained 0.54% to $92.35 per barrel.
Both benchmarks had previously declined by approximately 1.5% during the session.
The market shift occurred after Ukrainian President Volodymyr Zelenskyy welcomed the proposed ceasefire but warned that Moscow must also comply with the agreement.
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