Fuel oil at six-month high in global market

On Friday (30 October), the price of December futures for Brent crude rose by $2.76 per barrel, or 2.4 percent, to $117.64. Meanwhile, the price of US West Texas Intermediate (WTI) crude rose by $2.12 to $104.12. In the just-ended month of October, Brent crude prices rose by 13.6 percent and WTI prices rose by 15.2 percent.

Market participants believe that if military tension in the Middle East and security risks on important waterways increase, major disruptions to oil supply could occur. Dennis Kissler, senior vice president of BOK Financial, said traders are now watching the oil supply situation from the Middle East and possible military actions by the United States and its allies.