Oil closes higher amid geopolitical concerns; supply, demand outlook

Oil drilling rigs

Oil closed higher today, Oct. 17, as investors assessed the ongoing tensions in the Middle East, and amid reports that the United States may ease restrictions on Venezuelan crude exports.

International benchmark, Brent crude delivery rose 0.3%, or 25 cents, to settle at $89.90 per barrel. WTI crude closed at $86.66 per barrel.

The dollar index, which measures its value against a basket of major currencies, was steady at 106.24 points, at 10:03 pm Makkah time, after it rose to 106.53 points earlier.

Investors are closely monitoring the escalating tensions in the Middle East, as it could disrupt crude supplies to the global market and affect price stability, according to observers.

Investors are also following the ongoing talks between the government and the opposition in Venezuela, which could lead to an agreement with the US that would allow the lifting of sanctions on the Latin country’s oil exports.