05:12 AM EST, 12/23/2024 (MT Newswires) -- Crude oil prices advanced early Monday following the release of lower-than-expected U.S. inflation data.

Brent crude rose 0.4% to US$73.25 per barrel and West Texas Intermediate crude gained 0.5% to US$69.80/b at last look.

Cooler inflation data helped ease market concerns after the U.S. Federal Reserve's hawkish outlook for rate cuts next year, analysts said in a Reuters report on Monday.

"I think the U.S. Senate passing legislation to end the brief shutdown over the weekend has helped," Reuters quoted IG markets analyst Tony Sycamore as saying.