WASHINGTON (dpa-AFX) - Fears of a prolonged disruption in crude oil supplies through the Strait of Hormuz as well as fears of a spike in demand from China weighed on prices of crude oil in the futures market. Uncertainty surrounding the U.S.-Iran negotiations also fueled a surge in crude oil prices even as markets await the response from Iran on the reopening of Strait of Hormuz.
The dollar's retreat also boosted the dollar-denominated prices of crude oil. The six-currency dollar index which measures the dollar's strength against a basket of 6 currencies has declined 0.15 percent overnight to 101.22.
Brent Oil Futures for December settlement are currently trading at $98.42, rising 2.4 percent from the previous close of $96.16. The day's trading ranged between $95.13 and $98.88. The 52-week trading ranged between $58.72 and $126.41.
With the day's surge, Brent is holding on to weekly gains of 0.35 percent and monthly gains of 8.8 percent. Year-to-date gains are almost 62 percent. Brent oil's gains over the past year are close to 47 percent while gains from the levels three years ago are more than 3 percent.
West Texas Intermediate (WTI) Crude Oil Futures for November settlement has rallied 1.6 percent from the previous close of $89.38. The current trading price is $90.81 while prices ranged between a low of $88.58 and a high of $91.48 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight rally, WTI crude oil has recorded weekly losses of 1.5 percent and monthly gains of 5.9 percent. Year-to-date gains exceed 58 percent. WTI prices are currently around 46 percent above the levels a year ago and almost 2.3 percent above the levels three years ago.
Data released on Tuesday by the American Petroleum Institute showed crude oil inventories unexpectedly increasing by 1.02 million barrels during the week ended September 25. Markets had anticipated a draw of 1.9 million barrels versus an increase of 1.79 million barrels in the previous week.
Official data from the Energy Information Administration to be released on Wednesday morning for the same period is expected to show a draw of 0.3 million barrels versus an increase of 2.97 million barrels in the previous week.
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