U.S. oil ended higher on Monday despite worries about the economic impact of Friday's deadly attacks in Paris and a global glut of crude supplies.
France carried out air strikes overnight in Syria against Islamic State, which claimed responsibility for the Paris attacks. But fears that geopolitical tensions would threaten global oil supplies were outweighed by the expectation that the Paris attacks would crimp economic activity in Europe, in part by reducing travel on the continent.
"Friday's dreadful events and their aftershocks all threaten economic growth; hence the market is coming lower," PVM Oil Associates analyst Tamas Varga said.
Front-month Brent crude prices were up 16 cents at $44.63 a barrel at 2:36 p.m. EDT. U.S. crude futures settled up $1, or 2.45 percent, at $41.74 a barrel, after earlier falling toward $40, a key milestone for the oil market that once breached could see oil fall further, to lows not seen since 2009.
The failure to fall below $40 on Monday lead to some technical buying in U.S. crude, traders said, bolstered by stock increases on Wall Street.