Oil prices rise on continued Middle East supply concerns
USO•Brent crude rose 0.2% to $105.47 a barrel, while U.S. WTI gained 22 cents to $92.82. November-loading Brent and WTI were headed for monthly gains of around 17% and 8%, respectively.
1. Prices rise as supply concerns persist
Oil prices rose for a second successive session as concern over Middle East supply disruptions outweighed signs of recovering crude exports from the region. At 0844 GMT, Brent crude futures for November rose 19 cents to $105.47 a barrel, while the December contract gained 11 cents to $97.94. U.S. West Texas Intermediate was up 22 cents at $92.82.
2. Exports and diplomatic efforts
Crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February, preliminary figures from Kpler showed. Analyst Tim Waterer said some of the higher volumes relied on ship-to-ship transfers, which are less efficient and more costly than normal operations. U.S. and Iranian officials separately spoke with mediators in a renewed effort to end the war; President Donald Trump denied offering Iran anything to do so. U.S. crude and gasoline inventories were reportedly expected to have fallen last week, while distillate stockpiles were likely unchanged.
