Oil futures rose at settlement Tuesday in light of fears that supplies will be affected by the ongoing conflict in the Middle East, despite US oil inventories increasing more than expected over the past week, with production stabilizing near its highest levels.
Data from the US Energy Information Administration revealed that oil inventories added 1.4 million barrels during the week ending October 20th, while expectations indicated an increase of 239,000 barrels.
Brent crude futures for December delivery rose, upon settlement by 2.35%, equivalent to $2.06 to $90.13 per barrel, after falling during trading to $86.68.
The price of US Nymex crude for December delivery increased by approximately 2%, or $1.65, to record $85.39 per barrel, after falling during the session to $82.08.
WTI Crude $85.23 +1.49 +1.78%
Brent Crude $89.96 +1.89 +2.15%
Murban Crude $91.63 +1.47 +1.63%
Natural Gas $3.021 +0.050 +1.68%
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