Crude oil prices hit three-week high

Crude oil prices continued to rise during the Asian trading session on Wednesday, with Brent futures increasing by 0.35% to $77.32 per barrel, and WTI futures climbing 0.50% to $74.61 per barrel as of 4:35 am CET. Both benchmarks reached their highest levels since October 14.

This price surge comes after both benchmarks saw nearly a 1% increase on Tuesday, highlighting that worries about supply disruptions and growing energy demands for winter have taken precedence over broader economic concerns. Crude prices are poised for a third consecutive weekly increase after reaching near three-year lows in early December.