Oil closes higher, Brent exceeds $91

Oil drilling rigs

Oil futures settled higher today, Oct. 18, as geopolitical tensions in the Middle East weighed on supply outlook, and as data from the world's largest economies showed an increase in demand.

Brent crude futures for December delivery rose 1.8%, or $1.6, to $91.5 per barrel, the highest level since Sept. 29.

WTI crude for December delivery rose 2.15%, or $1.83, to record $87.27 per barrel, while futures contracts for November delivery rose by 1.9% to $88.32 per barrel.

Data from the US Energy Information Administration revealed that oil stocks fell by 4.5 million barrels in the week ended Oct. 13, against estimates of a decline by 300,000 barrels. Stocks at the Cushing Delivery Center fell by about 800,000 barrels to 21 million barrels.

Oil prices drew support from data showing China's economy grew by 4.9% year-on-year (YoY) during the third quarter, better than expectations of 4.5%.

The National Bureau of Statistics data showed that total refinery production in the world's second-largest oil consumer rose by 12% YoY to 63.62 million metric tons during September, equivalent to 15.48 million barrels per day—the highest level ever.