Global oil benchmarks moved in different directions early Wednesday, with US West Texas Intermediate (WTI) crude rising while Brent and Abu Dhabi's Murban crude declined, according to market quotes at 7:31 a.m. Tokyo time.
WTI crude futures rose 63 cents, or 0.67%, to $94.77 a barrel. Brent crude, the international benchmark, fell 96 cents, or 0.9%, to $105.69 a barrel.
Murban crude, a key benchmark for Abu Dhabi oil, dropped $1.67, or 1.49%, to $110.57 a barrel.
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The OPEC Basket recorded the strongest percentage gain among the listed benchmarks, rising $4.53, or 4.14%, to $114.03 a barrel.
The divergence suggests a mixed session across crude markets rather than a uniform move in global oil prices. The figures represent a snapshot of market quotes, and differences in benchmark pricing periods and update schedules may affect comparisons.
What is driving the market?
Oil traders are weighing competing forces: continued risks to Middle East supply routes, the prospect of additional Russian diesel supplies and concerns about global demand.
Reuters reported on October 13 that Brent settled 0.9% lower at $105.69 a barrel, while WTI rose to $94.14. The market was balancing regional security risks against the possibility of additional fuel supplies from Russia.
Shipping costs are another concern. OPEC and non-OPEC producers warned on October 12 that shipping and insurance costs for energy flows had surged to more than one-third of commodity value in some cases, adding to inflationary pressures.
OPEC's October report also showed that combined OPEC+ oil production increased by about 900,000 barrels per day in September, reaching 39.07 million bpd.
Yet higher production does not automatically resolve supply disruptions when shipping routes, insurance and delivery costs remain uncertain.