WASHINGTON (dpa-AFX) - Crude oil prices rallied for the third day amidst the spike in geopolitical tensions in the Middle East. Both Brent and WTI crude oil benchmarks added to the strong gains recorded on Tuesday. Concerns about the Ukraine-Russia conflict as well as suggestions by the U.S. to the European Union to impose additional tariffs on buyers of Russian oil also weighed on sentiment. However, oversupply concerns limited gains.
Data released on Tuesday by the American Petroleum Institute had shown crude oil inventories in the U.S. rising by 1.25 million barrels during the week ended September 5 versus a 0.62-million-barrel build in the previous week.
Official data by the Energy Information Agency due on Wednesday morning is expected to show a draw of 1.1 million barrels during the week ended September 5 versus a build of 2.42 million barrels in the prior week.
Brent Oil Futures for November settlement is currently trading at $67.05, having gained 0.99 percent from the previous close of $66.39. The day's trading ranged between $66.43 and $67.19 whereas the 52-week trading range was between $58.4 and $82.63.
Despite the recent surge, Brent has slipped 0.77 percent over the past week, limiting monthly gains to 0.68 percent. Year-to-date losses are a little more than 10 percent. Brent oil is also currently down more than 27 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for October settlement rallied more than 1 percent from the previous close of $62.63 to trade at $63.28. Prices ranged between a high of $63.43 and a low of $62.73 in the day's trading. Trading has ranged between $55.12 and $80.59 over the past 52 weeks.
With weekly losses exceeding 1 percent, gains in the past month have fallen to 0.35 percent. Year-to-date losses exceed 11 percent. Prices are currently more than 26 percent below the levels three years ago.
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