NY crude rebounds to $99.47 as Middle East export worries grow
In short
US benchmark WTI crude for December delivery closed at $99.47 a barrel on the New York Mercantile Exchange on 22 October, up $2.32 from the previous day, Kyodo News reported. Buying spread as concern grew over crude exports from the Middle East while Houthi attacks on Saudi Arabia continued.
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The New York Mercantile Exchange crude oil futures market rebounded on 22 October, Kyodo News reported from New York. The benchmark US crude, West Texas Intermediate (WTI), for December delivery ended the day at $99.47 a barrel, up $2.32 from the previous day. [ 2 ]
Kyodo said concern about crude exports from the Middle East grew further as attacks on Saudi Arabia by the Houthis, a pro-Iran armed group in Yemen, continued, and buy orders spread. Nishi-Nippon Shimbun and Sankei Shimbun carried headlines saying the close was in the 99-dollar range with concern over Middle East exports growing; Sankei's headline named the Houthi attacks on Saudi Arabia as the cause. [ 1 , 2 , 3 ]
Kyodo added that reports of a possible renewed attack on Iran by the United States and Israel after the US midterm elections also raised worries about supply. [ 2 ]
Why it matters
The reports tie the price rise to worries about oil supply from the Middle East. The documents give no further analysis of the consequences.
Key facts
- WTI crude for December delivery closed at $99.47 a barrel on the New York Mercantile Exchange on 22 October. [ 2 ]
- The close was $2.32 higher than the previous day, a rebound. [ 2 ]
- Concern over crude exports from the Middle East strengthened, and buy orders spread. [ 1 , 2 , 3 ]
- Attacks by Yemen's pro-Iran armed group, the Houthis, on Saudi Arabia are continuing. [ 2 , 3 ]
- Reports that the United States and Israel may attack Iran again after the US midterm elections also heightened supply worries. [ 2 ]
Confirmed by several sources
Still unclear
- Whether the United States and Israel will attack Iran again after the US midterm elections. Only one outlet mentions this, and only as a media report of a possibility, without naming the source of the reports.