Brent Oil Rises 3.7% to US$109.86 on Supply Fears | Oil, Oct 16
Brent crude rose 3.7% to US$109.86 on Friday 16 October and US crude topped US$100, lifting Petrobras 2.8% and YPF 1.9% in New York. The post Brent Oil Rises 3.7% to US$109.86 on Supply Fears | Oil, Oct 16 appeared first on The Rio Times .
Brent oil prices surged 3.7%, reaching US$109.86 a barrel, while US crude climbed 3.5% to US$101.41, as per Energy Now. The increase was fueled by Middle East supply concerns, according to the report. Latin American oil producers such as Petrobras, YPF, and Ecopetrol also experienced gains in New York shares due to the higher crude prices.
The US Energy Department's XLE energy fund rose 2.52% to US$68.24. The rise in oil prices benefits Brazilian, Argentine, and Colombian oil producers, but it also raises fuel costs for US drivers and airlines, and competes with the technology sector for investors' attention. The US crude oil fund (USO) rose 2.83% to US$161.76, and the Brent fund (BNO) rose more than the US oil fund (USO), indicating a Brent-led session.
Prediction markets priced a US crude price touch of US$100 in October at 91.0%. The rise in oil prices could lead to higher fuel costs, adding pressure on inflation.
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