Oil prices rise as geopolitical risk premium persists
Oil drilling rigs
Oil prices rose today, Oct. 6, as the geopolitical risk premium stemming from security tensions in the Middle East continued, despite the resilience of regional exports and the G7's announcement to release of quantities from emergency reserves.
Priyanka Sachdeva, Director of Market Analysis at Phillip Nova said insurance costs and security risks remain high as attacks on tankers near the Strait of Hormuz increase, preventing a full normalization of supplies, Reuters reported.
The US crude oil inventory report from the American Petroleum Institute is expected later today, before the official data from the US Energy Information Administration is released tomorrow.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (November delivery) |
100.97 |
0.65 |
0.65% |
|
WTI (November delivery) |
90.02 |
0.59 |
0.65% |
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