rose Oil prices During today’s trading session, Wednesday, October 9, after sharp losses yesterday, Tuesday, amid following the latest developments in geopolitical tensions in the Middle East, and expectations related to demand for crude.
In terms of trading, Brent crude futures rose by about 0.9% to $77.89 per barrel. US crude futures also rose by 0.9%, recording $74.24 per barrel.
Prices had fallen by more than 4% in the previous session due to the possibility of reaching a ceasefire between the Hezbollah group in Lebanon and Israel, but markets remained wary of a possible Israeli attack on Iranian oil infrastructure.
“We expect additional volatility as the market balances bearish fundamentals with supply risks due to escalating tensions in the Middle East,” analysts at Macquarie said in a note.
Read also: The US Energy Information Administration lowers its forecast for oil demand in 2025
Yesterday, Tuesday, the US Energy Information Administration reduced its forecast for global oil demand growth in 2024 by 20,000 barrels per day to 103.1 million barrels per day due to weak industrial production and manufacturing growth in the United States and China.
As for the latest developments in Hurricane Milton, it is expected that it will hit the coast of Florida on the Gulf of Mexico on Wednesday, which could disrupt gasoline supplies to the third largest consuming state in America.
“With some uncertainty about Hurricane Milton’s impact on oil infrastructure and traders continuing to guess what Israel’s response to the Iranian missile attack will be and when it will come, I think we have reached a new upper trading range at the moment between 72.50,” said Tony Sycamore, market analyst at IG. $ and $77.50.
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