Oil Prices Climb Above $110 as Middle East Supply Fears Persist - Crude Oil Prices Today | OilPrice.com
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Crude oil prices ticked higher earlier today, extending gains from Tuesday as traders continued to worry about the stability of flows out of the Middle East. At the time of writing, Brent crude was trading at $110.30 per barrel, with West Texas Intermediate at $99.12 per barrel, both up by over 1% from Tuesday. The latest inventory report out of the U. S. contributed to the bullish sentiment with another sizable draw estimated for last week. The rally also comes despite a Wall Street Journal report from Tuesday that said oil flows out of the Middle East had topped pre-war levels in the week to October 18, running at a daily average of 24 million barrels. The report cited data from Kpler, which Reuters had cited in a separate report as estimating Hormuz flows specifically at 8.5 million barrels daily, because of intensified Iranian attacks. For the WSJ report, the Hormuz flows were estimated at 14 million barrels daily.
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