Brent rose to $116.72 per barrel, WTI to $103.27 — The Rio Times

Global oil prices rose on October 23: Brent ended trading at $116.72 per barrel, 3.1% higher than the previous close. U.S. WTI crude rose by 3.8% to $103.27 per barrel.

This was reported by The Rio Times. The USO fund, which tracks U.S. oil futures, added 4.32% and closed at $169.53. The BNO fund, linked to Brent futures, rose by 3% to $70.99.

Oil company shares rose

Along with oil quotes, shares of Latin American producers rose in New York. Shares of Brazil's Petrobras gained 2.11% to $26.16. Shares of Argentina's YPF increased by 3.07% to $50.68, while Colombia's Ecopetrol rose by 4.64% to $17.80.

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The U.S. dollar index rose by 0.14% that day, but this did not prevent oil prices from increasing. The publication notes that higher oil prices may support inflationary pressure and affect expectations regarding the duration of high interest rates.

Next market benchmarks

According to The Rio Times, the next scheduled indicator for the oil market will be the weekly U.S. crude oil inventory report, due to be released on October 28 at 14:30 UTC. A decision by the U.S. Federal Reserve is scheduled for the same day at 18:00 UTC.

On the Polymarket prediction market platform, participants estimated the probability of WTI reaching $105 in October at 80%, and $110 at 36%. Trading volume for the contract was about $4.1 million. These figures reflect market participants' bets rather than official forecasts.