Oil rises over 1%, Brent nears $76 per barrel

Oil drilling rigs

Oil prices rose on Thursday, as investors continued to focus on tensions in the Middle East, along with the increase in US inventories, which had led to losses in the previous session.

Brent crude for December delivery climbed by 1.19%, or 89 cents, to $75.85 per barrel by 8:05 am KSA time.

West Texas Intermediate (WTI) crude futures for December delivery also rose by 1.36%, or 96 cents, to $71.73 per barrel.

Oil prices fell by more than 1% yesterday, Oct. 24, following the release of US inventory data, which showed an increase of 5.5 million barrels in crude stockpiles for the week ended Oct. 18, compared to expectations of a 900,000-barrel increase.

Priyanka Sachdeva, Senior Market Analyst at Phillip Nova, told Reuters that the current volatility in the oil market stems from a mix of reactions stemming from uncertainty regarding the future, particularly concerning US elections and Middle East tensions, alongside the lack of a supportive demand catalyst.