Oil prices fell on Wednesday due to rising U.S. crude inventories, but concerns over potential Iranian supply disruptions from the Middle East conflict and Hurricane Milton limited losses. Brent crude settled at $76.58 per barrel, down 60 cents (0.8%), and WTI dropped 33 cents (0.5%) to $73.24.
U.S. crude inventories increased by 5.8 million barrels last week, higher than expected, though the impact on prices was softened by significant drawdowns in gasoline and distillate stocks. Concerns over a potential Israeli strike on Iran continued to support oil prices, despite reports of a possible ceasefire with Hezbollah.
Additionally, China’s sluggish economic growth and its impact on fuel demand kept prices from rising further, with the EIA also downgrading its demand forecast for 2025.