Brent oil prices exceed $92 for first time since October 2

Global oil prices rose 2% on October 18 morning. Investors are paying attention to geopolitical risks, also assessing American Petroleum Institute (API) data on US reserves, reported from trading data.

The price of December Brent futures rose by 2.07% to $91.76 per barrel, having previously reached a maximum of $92.19, thus breaking the $92 level for the first time since October 2.

The price of December WTI futures increased by 2.32% to $87.42.

Traders’ attention remains focused on the situation in the Middle East. Al-Ahli Baptist Hospital in the Gaza Strip was hit on October 17. Palestinians and Israelis blamed each other for the attack. Markets fear that other countries, such as Iran, could be drawn into the conflict, which could threaten oil supplies.

Investors also paid attention to the API data published on October 18 night. According to the institute, commercial oil reserves in the US fell by 4.4 million barrels in the week ending October 13. Official data will be published by the US Department of Energy later on October 18; analysts expect a decrease of 0.3 million barrels.





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