Brief
Brent dips below $106 as WTI climbs and OPEC basket jumps
Wednesday’s market quotes show Brent at $105.69, WTI up 0.67%, and the OPEC basket gaining the strongest percentage.
By Felo News Desk · Published
Global oil benchmarks moved in opposite directions early Wednesday, with Brent crude falling to $105.69 a barrel while U.S. West Texas Intermediate (WTI) rose to $94.77, Gulf News reported.
What happened
At 7:31 a.m. Tokyo time, WTI futures increased 63 cents, or 0.67%, to $94.77 a barrel. Brent slipped 96 cents, or 0.9%, to $105.69. Abu Dhabi’s Murban benchmark dropped $1.67, or 1.49%, to $110.57. The OPEC Basket posted the biggest gain, rising $4.53, or 4.14%, to $114.03.
What the reports add
The article notes that Reuters had earlier recorded Brent at $105.69 and WTI at $94.14 on Oct. 13. It also cites OPEC’s October report showing combined OPEC+ output rose by about 900,000 bpd in September to 39.07 million bpd.
What was said
Gulf News quoted market analysts as saying the divergence reflects “continued risks to Middle East supply routes, the prospect of additional Russian diesel supplies and concerns about global demand.”
How it came about
Earlier this month, Felo News warned that Brent staying above $100 could push UAE fuel prices higher, and on Oct. 9 Brent traded around $105.72, indicating a consistent price level near the current $105.69.
Key facts
- Brent crude fell to $105.69 a barrel at 7:31 a.m. Tokyo time on Oct. 13. (gulfnews.com)
- WTI rose 63 cents to $94.77 a barrel, up 0.67%. (gulfnews.com)
- The OPEC Basket gained 4.14% to $114.03 a barrel, the strongest among listed benchmarks. (gulfnews.com)
- OPEC+ oil production increased by about 900,000 barrels per day in September, reaching 39.07 million bpd. (gulfnews.com)
Sources
- [1] gulfnews.com — originally reported as “Oil Prices Diverge: Brent Falls Below $106, WTI Rises Amid OPEC Basket Surge”
