Oil prices rise amid diesel supply concerns

Oil drilling rigs

Oil prices closed on a positive note today, Oct. 25, amid concerns about a potential shortage of petroleum products ahead of the winter season and as investors assessed the outlook on the global economy.

Goldman Sachs said in a note that as the deadline to ban Russian products approaches for many countries, markets face a structural shortfall of diesel.

Oil benefited from the dollar index's decline of about 1% during today's trading, which boosted the demand for commodities priced in the US currency.

Fatih Birol, Executive Director of the International Energy Agency, stated during the International Energy Week in Singapore, that the OPEC+ cut in oil production is regrettable, with many economies approaching recession, noting that the member countries of the agency are not currently considering withdrawing from strategic reserves.

Brent crude witnessed a gain of 0.3%, or 26 cents, to settle at $93.52 a barrel. WTI crude increased by 0.9%, or 74 cents, to reach $85.32 a barrel.