Oil prices rise on US demand

Oil prices maintained their upward trajectory today, Oct 31, after gaining 2% in the previous session, supported by US inventory data that showed the demand for crude oil in the US maintained its momentum.

Brent crude futures for January delivery—the most active—rose 0.65%, or 47 cents, to $72.63 a barrel at 08:17 am Makkah time.

WTI crude futures for December delivery rose 0.64%, or 44 cents, to $69.05 a barrel.

The US Energy Information Administration data on Oct. 30 showed an unexpected decline in crude oil inventories, which fell by 500,000 barrels during the week ended Oct. 25, contrary to estimates of an increase of 800,000 barrels.

Oil prices received additional support from a report published by Reuters, citing informed sources, stating that the OPEC+ may postpone for a month or more its plans to abandon a part of the voluntary production cuts that were scheduled to be pumped into the markets next December.