New York oil stays above $91 as supply concerns drive buying
In short
Japanese outlets reported that New York crude futures continued rising and closed in the $91 range amid concern about supply disruptions. In the October 8 session, November WTI futures settled at $91.49 a barrel, up $3.21.
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New York crude futures rose further and finished in the $91 range, according to headlines published October 10 by Nishi-Nippon Shimbun and Tokyo Shimbun. Both linked the buying to concern about supply disruptions. [ 4 , 5 ]
In the October 8 session on the New York Mercantile Exchange, November West Texas Intermediate crude settled at $91.49 a barrel, up $3.21 from the previous day. Tokyo Shimbun and Sankei Shimbun reported that buying increased as supply concerns grew following reports of more tanker attacks in the Strait of Hormuz and the possibility of renewed large-scale US combat operations against Iran. Prices later pared gains after President Donald Trump said on social media that constructive talks with Iran were taking place and that there would be no attack before the November midterm elections. [ 2 , 3 ]
Why it matters
The reports linked buying to concerns about oil supplies as Middle East tensions worsened. They also said prices pared gains after President Donald Trump said constructive talks with Iran were taking place.
Key facts
- Reports published October 10 said New York crude futures rose further and closed in the $91 range. [ 4 , 5 ]
- November WTI settled at $91.49 a barrel on October 8, up $3.21. [ 2 , 3 ]
- Reports linked buying to increased tanker attacks in the Strait of Hormuz and the possibility of renewed large-scale US combat operations against Iran. [ 2 , 3 ]
- Gains narrowed after Trump said there would be no attack before the November midterm elections. [ 2 , 3 ]