Brent crude rises above $105 a barrel, Russian outlets report
In short
The price of Brent crude oil rose above $105 a barrel on October 8, TASS, RIA Novosti and Interfax reported. Interfax put the price at $105.4 and TASS said it was the first time since September 29 that Brent had exceeded $105. Interfax linked the rise to concerns about supply disruptions from the Middle East and reports of reduced output in the Gulf of Mexico because of a hurricane.
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The price of Brent crude oil rose above $105 a barrel on October 8, according to TASS, RIA Novosti and Interfax. Interfax reported that Brent rose to $105.4 a barrel, and TASS said it was the first time since September 29 that the price had exceeded $105. [ 1 , 2 , 3 ]
Interfax said oil prices accelerated their rise on Thursday afternoon amid growing concerns about supply disruptions from the Middle East, as well as reports of reduced production in the Gulf of Mexico because of a hurricane. [ 3 ]
Why it matters
According to Interfax, the rise reflects growing concern about oil supply from the Middle East and a hurricane-related cut in production in the Gulf of Mexico. Two official outlets and a business outlet reported the move within about an hour.
Key facts
- Brent crude rose above $105 a barrel on October 8. [ 1 , 2 , 3 ]
- Interfax reported that Brent rose to $105.4 a barrel. [ 3 ]
- TASS said it was the first time since September 29 that Brent had exceeded $105 a barrel. [ 1 ]
- Interfax said oil prices accelerated their rise on Thursday afternoon. [ 3 ]
- Interfax attributed the rise to growing concerns about supply disruptions from the Middle East. [ 3 ]
- Interfax also cited reports of reduced production in the Gulf of Mexico because of a hurricane. [ 3 ]
Confirmed by several sources
Still unclear
- Why prices rose. Only Interfax gives reasons (Middle East supply concerns and hurricane-related production cuts in the Gulf of Mexico); the other outlets give only the price.
- Which hurricane affected Gulf of Mexico production and by how much. Interfax mentions reports of reduced production due to a hurricane but gives no name or figures.
- Where the price settled later in the day. The reports give only the level at the time of publication.