Brent snaps 3-session losing streak, closes up 2%

Oil futures turned higher today, Oct. 25, despite US oil inventories increasing more than expected over the past week and amid supplies concerns due to the ongoing conflict in the Middle East.

Brent crude futures for December delivery rose 2.35%, or $2.06, at $90.13 per barrel, after falling during the day to $86.68.

WTI crude for December delivery increased by approximately 2%, or $1.65, to record $85.39 per barrel, after falling during the session to $82.08.

Data from the US Energy Information Administration showed that oil inventories added 1.4 million barrels during the week ended Oct. 20, while expectations indicated an increase of 239,000 barrels.

Inventories at the Cushing Delivery Center—the largest storage center in the US—increased by about 213,000 barrels, recovering from a decline of 758,000 barrels in the previous week.

US crude production stabilized at 13.2 million barrels per day, remaining near its highest levels.