WASHINGTON (dpa-AFX) - Both the crude oil price benchmarks extended gains on Thursday as markets worried about the uncertain fate of U.S.-Iran negotiations. Reports of tighter Chinese fuel supplies also aided a spike in prices. Meanwhile markets expect the OPEC+ oil producers to keep oil output targets unchanged in November. A decision is expected in the meeting anticipated to take place on Sunday.
The increase in the dollar-denominated prices of crude oil is despite the strengthening of the U.S. dollar. The six-currency dollar index which measures the dollar's strength against a basket of 6 currencies has rallied 0.34 percent overnight to 101.80. The index had earlier in the day touched a high of 102.
Amidst anxiety created by the collapsed ceasefire framework between U.S. and Iran as well as the persistent disruption in shipment through the Strait of Hormuz, crude oil prices have increased.
Brent Oil Futures for December settlement are currently trading at $99.94, rising 1.95 percent from the previous close of $98.03. The day's trading ranged between $100.84 and $96.57. The 52-week trading ranged between $58.72 and $126.41.
Despite the day's surge, Brent is saddled with weekly losses of 0.28 percent. However monthly gains exceed 4.5 percent. Year-to-date gains exceed 64 percent. Brent oil's gains over the past year are close to 53 percent while gains from the levels three years ago are more than 10 percent.
West Texas Intermediate (WTI) Crude Oil Futures for November settlement has rallied 1.5 percent from the previous close of $90.42. The current trading price is $91.75 while prices ranged between a low of $88.8 and a high of $92.89 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
In spite of the overnight rally, WTI crude oil has recorded weekly losses of 3.1 percent. Monthly gains are at 0.71 percent. Year-to-date gains exceed 59 percent. WTI prices are currently around 48 percent above the levels a year ago and almost 5.2 percent above the levels three years ago.
Official data from the Energy Information Administration on Wednesday morning showed crude oil inventories rising by 0.92 million barrels during the week ended September 25 versus an increase of 2.97 million barrels in the previous week. Markets had expected a draw of 0.3 million barrels.
Data released on Tuesday by the American Petroleum Institute had showed crude oil inventories unexpectedly increasing by 1.02 million barrels during the same period. Markets had anticipated a draw of 1.9 million barrels versus an increase of 1.79 million barrels in the previous week.
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