Oil: Prices hold near multi‑year highs – UOB

UOB Global Economics & Markets Research reports WTI crude settled at $90.42 per barrel and Brent at $103.53 per barrel on Wednesday, both extending strong year-to-date gains. Oil prices are holding firm as Middle East supply uncertainty persists, even though reported crude flows are nearing pre-war levels and fuel supplies, especially gasoline, lag the recovery.

WTI and Brent sustain elevated levels

"WTI crude settled at $90.42/bbl (+1.2%) on Wednesday, while Brent settled at $103.53/bbl (+0.9%). Oil held gains even as Middle East crude flows were reported to be closing in on pre-war levels, though fuel supplies — particularly gasoline — have lagged the crude recovery."

"Wednesday (30 Sep) marked the close of a turbulent third quarter. The S&P 500 fell 0.25% to 7,651.54, capping its worst monthly performance since Jun, while the Dow Jones Industrial Average dropped 0.86% to 50,906.05."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)