Oil gained as traders interpreted US strategic reserve release as a bullish factor

International benchmarks for crude oil settled higher on Wednesday, 19 October 2022 as traders said the US releasing more crude from the strategic reserve is a long-term bullish because the country will have to replenish later. The market also weighed the tightening supply ahead of the winter season over the uncertain demand outlook.

Brent jumped $2.38 or 2.6% to close at $92.42/barrel. 

WTI for November delivery, which expires on Thursday, added $2.73 or 3.3% to close at $85.55/barrel.