Oil prices rose on Wednesday as fresh reports of attacks on commercial vessels in the Strait of Hormuz heightened concerns over energy supplies, while increased production by OPEC+ offered a counterpoint to the market's supply risks.
Oil prices fell on Monday (October 12), with Brent crude futures dropping $1.54, or 1.47 per cent, to $103.18 per barrel. US West Texas Intermediate (WTI) crude also declined $1.54, or 1.68 per cent, to $90.31 per barrel.
US Energy Information Administration (EIA) estimates crude oil inventories in China increased by about 900,000 barrels per day (b/d) between January and August this year, essentially acting as a source of demand by removing barrels from the global markets.
