Oil prices experienced an uptick on October 10, 2024, as demand for fuel surged in response to Hurricane Milton, which recently made landfall on Florida’s west coast. Brent crude futures rose by 24 cents, reaching $76.82 a barrel, while U.S. West Texas Intermediate (WTI) futures increased by 28 cents to $73.52 a barrel. The storm has caused significant disruptions in fuel supply, with many gas stations in Florida running out of gasoline. This heightened demand in the state has contributed to the overall rise in crude prices.
In addition to the impact of the storm, concerns about potential supply disruptions in the Middle East have further supported oil prices.
Demand for oil has also shown signs of recovery this month, particularly in the United States, where gasoline consumption surged by 800,000 barrels per day week-over-week. Additionally, flight activity in Asia has rebounded after being disrupted by typhoons, with China’s daily flight activity reaching an eight-week high. As the travel season winds down, analysts anticipate an increase in weather-driven demand for oil in the coming weeks, further supporting prices in the volatile market.
