NEW YORK — Oil prices swung between gains and losses on Monday as analysts stuck to predictions that rising supply will outweigh demand in the months ahead, while hopes of progress in ending a U.S. government shutdown raised investors’ risk appetite.

Brent crude futures rose 26 cents, or around 0.4%, at $63.89 a barrel by 12:59 p.m. ET (1759 GMT), having dropped to as low as $63.32 earlier. U.S. West Texas Intermediate crude gained 23 cents, also 0.4%, to $59.98 a barrel. WTI futures were down as much 0.6% earlier in the session.

Both benchmarks fell about 2% last week, their second consecutive weekly decline, on expectations that crude oil supply will exceed demand in the months ahead due to higher OPEC+ production and record U.S. output.

Doubts over the effectiveness of the latest U.S

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