On October 10, oil prices increased as increased demand for fuel in the United States through Hurricane Milton and fears about possible disruptions with supplies in the Middle East influenced the market.
Brent oil futures rose 63 cents, or 0.8%, up to $ 77.21 per barrel. In turn, Futures for American Oil West Texas Intermediate also increased by 63 cents, or 0.9%, to $ 73.87 per barrel.
Hurricane Milton, who collapsed on the west coast of Florida, caused tornado and flooding, causing an increase in demand for gasoline. According to information, about a quarter of gas stations in the state have already sold their stocks, which also supported the price of oil.
In addition, investors are concerned about escalation of tensions between Israel and Iran, which can affect oil supply in the region. The US energy information has reduced oil demand for 2025 due to the weakening of economic activity in China and North America.
The EIA data, published on Wednesday, showed that raw oil reserves increased by 5.8 million barrels to 422.7 million barrels last week. Although it exceeded expectations, it remains lower than the predictions of the US Institute of Oil. Despite this, JPMorgan analysts say the demand for oil has grown this month, which has helped maintain prices.
"Demand for gasoline in the United States has increased by 800,000 barrels per week. In Asia, flight activity increased after several typhoons, and in China, daily flight activity reached an octagonal maximum," the statement said. "Given that the major part of the demand associated with travel is already behind, attention is switched to the possible increase in demand due to weather conditions in the coming weeks."
