Oil gains over 1% on strong fuel demand in US

Oil drilling rigs

Oil prices rose at the close of trading today, Oct. 8, supported by data indicating an increase in fuel consumption in the United States, along with concerns that peace efforts between Russia and Ukraine are faltering.

Brent crude futures for December delivery rose 1.22%, or 80 cents, to $66.25 a barrel at the close of trading.

WTI crude futures for November delivery also rose 1.33%, or 82 cents, to $62.55 a barrel.

This was supported by data showing that total crude inventories in the US rose by 3.7 million barrels last week, but gasoline and distillate inventories declined during the same period, as crude oil inventories at the Cushing facility edged lower.

Oil prices received additional support from concerns that the US and European countries will maintain sanctions on Russia over its war with Ukraine for a prolonged period, given the faltering peace efforts.

A senior Russian diplomat told Reuters that the momentum following the August summit between President Vladimir Putin and his US counterpart Donald Trump, "has largely been exhausted."