Price movements
Crude futures rose Brent $2.82, or 3.7 percent, to $79.40 per barrel upon settlement, while US West Texas Intermediate crude futures increased $2.61, or 3.6 percent, to $75.85.
And in USHurricane Milton, the world’s largest oil producer and consumer, swept through Florida, where gasoline stocks ran out at nearly a quarter of gas stations and more than 3.4 million homes and businesses lost power.
Prices rose this month after Iran fired more than 180 missiles at Israel on October 1, raising possibilities of a response by targeting Iranian oil facilities.
And with no response Israel So far, crude prices have declined again and remained relatively stable throughout the week.
But investors are still cautious after Israeli Defense Minister Yoav Galant threatened Iran with a “deadly, targeted, and sudden” strike.
In a move that may boost demand for oil in the second largest oil consumer in the world, it was published China A draft law aims to promote private sector development, and is the latest step taken by the country to boost investor confidence amid an economic slowdown.
In the United States, markets have become more confident that the US Federal Reserve will lower interest rates in November after data showed an increase in weekly unemployment claims and an annual rise in inflation, the lowest since February 2021.
After raising interest rates aggressively in 2022 and 2023 to rein in inflation, the Federal Reserve began cutting interest rates in September.
Low interest rates reduce borrowing costs for consumers and businesses, which may boost economic growth and demand for oil.
