WTI Crude Oil Prices

WTI crude oil prices averaged USD 72.16 per barrel in October, up 2.3% from September. On 31 October, the commodity traded at USD 69.58 per barrel, up 1.2% from 30 September.

Tensions between Iran and Israel ratcheted up in early October, pushing up WTI prices in turn. However, WTI prices then fell close to September’s multi-year lows, as tensions cooled and bearish supply and demand fundamentals returned to dominate investor thinking. Looking at U.S. data, figures released in October showed that U.S. crude output hit a record high in August, pointing to strong supply prospects. That said, U.S. inventories and rig counts remained at some of the lowest levels in the past decade.