08:37 AM EST, 11/11/2025 (MT Newswires) -- Oil prices rose for a third straight session early Tuesday but remained tightly rangebound, with rising supply offset by strong demand for refined products.

West Texas Intermediate crude oil for December delivery was last seen up US$0.32 to US$60.46 per barrel, while January Brent oil was up US$0.39 to US$64.45.

The rise follows a weekend deal to reopen the U.S. government that boosted risk appetite and lifted equities and commodities, though gains are being capped by an oversupplied market as OPEC+ continues to raise output to regain market share from producers in North and South America.

"Crude oil remains trapped in its established range, with a softening backwardation signaling comfortable supply conditions. This continues to weigh on prices," Saxo Bank noted.

Tightening supply of refined products is offering support for oil, as U.S. refiners enter a maintenance season while supply from Russia, a major exporter of refined products, is cut as Ukraine continues its attacks on Russian refineries and export infrastructure and fresh U.S. sanctions bite.

"Oil prices remained volatile, at least on an intraday basis, but it is probably fair to conclude that without strong support from refined products, crude prices would be lower ... US sanctions on major Russian oil producers and exporters are weighing on product exports. As a result, Heating Oil/Gasoil and RBOB are moving in a different direction from crude," PVM Oil Associates noted.