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Oil market rebounded on unexpected drawdown in US inventory and potential delay in OPEC+ production hikeLooking ahead, the oil market is poised for volatility with two key events next week: the US presidential election, which could reshape economic policy, and a high-level meeting in China where stimulus measures may be on the agenda. |
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Oil prices surged on Wednesday, October 30, as an unexpected drop in US crude and gasoline inventories and potential delays in OPEC+ production hikes drove bullish sentiment across the market.
Brent crude futures climbed $1.43, or 2.01%, to settle at $72.55/barrel.
WTI rose $1.40, or 2.08%, reaching $68.61/barrel.
The US Energy Information Administration (EIA) reported gasoline inventories hitting a two-year low, reflecting stronger demand, with crude stocks also falling due to lower imports. Adding to the market rally, Reuters reported that OPEC+ is considering postponing its planned December production increase.
Looking ahead, the oil market is poised for volatility with two key events next week: the US presidential election, which could reshape economic policy, and a high-level meeting in China where stimulus measures may be on the agenda.
Written by: Rochelle Nguyen
