Oil Edges Higher as Markets Weigh Supply and Demand Worries

Oil prices have inched up in early Asian trading sessions as markets assess both supply and demand concerns. Demand worries are particularly focused on China, following an absence of new policy support measures aimed at boosting oil consumption. Such concerns over the largest global oil importer have pressured prices throughout the third quarter. On the supply side, tensions in the Middle East and the approach of Hurricane Milton, which has led some oil companies to close platforms, are raising supply anxiety. Currently, front-month WTI crude futures have increased by 0.5% to $73.95 per barrel, while Brent futures have similarly climbed 0.5% to $77.55 per barrel.