Oil prices have edged up today, on expectations that the US Federal Reserve will delay trimming its economic stimulus programme, following a 16-day government shutdown, which would increase demand for oil.

Brent crude gained ten cents to settle at $110.04 a barrel, while US crude oil increased slightly by three cents to stay at $100.84, reported Reuters.

"Saudi Arabia’s oil exports increased by 325,000bpd to 7.795 million bpd in August, when compared to July."

Investors are waiting for the US Energy Information Administration’s oil data, which is set to be released today, and for the US September payrolls data to be released on Tuesday, for further clues on the country’s oil demand, post shutdown.

Oil prices were also supported after the Organization of the Petroleum Exporting Countries (OPEC) produced 10.19 million bpd of crude, up 156,000 bpd over July.

According to the Joint Data Initiative’s (Jodi) latest data released on Sunday, Saudi Arabia’s oil exports increased by 325,000bpd to 7.795 million bpd in August, when compared to July.

The drop in the US dollar’s value, which fell to its lowest level since February on Friday, against the major currencies capped the oil price movement in the middle of the session.

The American Petroleum Institute also supported oil prices, after its data revealed that oil demand in the US rose 2.7% in September compared with year-ago levels, due to the stronger economy and export demand.

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