SINGAPORE: Oil prices edged higher in global markets on Wednesday, November 4, as investors closely monitored the ongoing conflict between Iran and the United States, diplomatic efforts to ease tensions, and Washington’s next move.
Brent crude futures, the international oil benchmark, climbed by 82 cents, or 0.8%, to reach $104.42 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude futures gained 50 cents, or 0.5%, to trade at $96.59 per barrel. The gains came after both benchmarks had experienced declines earlier in the trading session.
An unexpected decline in US crude oil inventories also contributed to the upward movement in oil prices.
According to market sources, US crude inventories fell by 5.27 million barrels during the week ended October 30, providing additional support to oil prices.
Investors remain focused on developments in the Middle East, particularly the Iran-US conflict and ongoing diplomatic efforts, as concerns over potential disruptions to global oil supplies continue to influence market sentiment.
