The November Brent crude futures on the ICE exchange surpassed $89 a barrel for the first time since January 23, 2023, reflecting a notable move in the trading session data.
At 18:02 Moscow time, prices touched a high of $89.02 per barrel. By 18:10, the futures eased slightly to $88.97. In contrast, October WTI futures rose about 0.39% to $85.97 per barrel during the same window.
Market commentary from industry analysts highlighted expectations for volatility to ease in the coming weeks. A senior executive with a major trading house suggested that the global crude market should settle as refinery maintenance peaks in the months ahead. He also noted persistent tightness in crude supply for refineries handling high sulfur grades in regions including India, Kuwait, Jizan in Saudi Arabia, Oman, and parts of China, driven in part by OPEC plus production adjustments.
Simultaneously, US employment data pointed to a firmer outlook for the Fed to consider further rate increases. A surprise rebound in Chinese manufacturing activity and government measures aimed at sustaining the recovery contributed to renewed optimism about demand.
Another analyst emphasized that expectations to bolster the service sector and ease cross-border trade restrictions are resonating with a market that has seen less participation from US traders recently.
In a separate development, AI-95 gasoline recently reached a new foreign exchange benchmark within the Russian domestic market, marking a notable shift in the currency and commodity dynamic.
Historically, discussions have turned to scenarios where oil prices could slip toward the $50 range if demand falters or if supply shocks ease, underscoring the sensitivity of prices to macro and geopolitical developments.