U.S. crude oil futures experienced a significant upswing, with a rise of approximately 3.6%, reversing a prior two-day decline. The market is focused on geopolitical risks in the Middle East and the potential growth in oil demand from the U.S. and China.
West Texas Intermediate (WTI, Financial) crude for November delivery saw its price increase by $2.61, or 3.56%, closing at $75.85 per barrel. Analysts attribute this rise to several factors: Hurricane Milton's impact on Florida has led to a spike in U.S. fuel consumption, ongoing tensions in the Middle East pose a threat to oil supply, and there are signs of possible growth in energy demand from the U.S. and China.
