Brent Crude Oil Prices man

Brent crude oil prices averaged USD 108.41 per barrel in October, up 6.2% from September. On 30 October, the commodity traded at USD 117.60 per barrel, up 13.6% from 30 September.

Brent crude prices climbed further in October, reaching their highest monthly average since June 2022. Preliminary shipping data showed Chinese crude imports rebounding further from June’s decade low, as refiners bought more Middle Eastern oil to replace Iranian supplies and replenish stocks. Houthi claims of further attacks on Saudi oil facilities added to supply fears, while record tanker freight costs and depleted global inventories also supported prices.