Brent crude oil stays above $110 amid supply disruption fears
December Brent oil futures were at $110.31, up by 1.40%, and December crude oil futures on WTI (West Texas Intermediate) were at $99.08, up by 1.29%
Brent crude oil futures prices surpassed the $110 mark on Wednesday, driven by concerns over potential supply disruptions resulting from ongoing tensions in the West Asia region. By 10:03 am, Brent oil futures were trading at $110.31, marking a 1.40 percent increase, while WTI (West Texas Intermediate) crude oil futures rose to $99.08, a 1.29 percent gain.
November crude oil futures on the MCX were at ₹9,422 during the opening hour of trading, up 1.19 percent, and December futures reached ₹9,249, a 1.10 percent increase. A Reuters report, based on Iranian media sources, claimed that a super-tanker caught fire after colliding with a sea mine south of the Strait of Hormuz, while violating Iranian regulations.
At least 18 vessel attacks were reported over two weeks, according to the report. The Houthis have taken responsibility for these attacks, targeting various Saudi sites, including the Saudi Aramco facility in Yanbu, the Shaybah oilfield, and Riyadh and Abha airports. In the US, crude oil inventories declined by 4.93 million barrels during the week ending October 16, according to industry data from the American Petroleum Institute (API).
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