Oil prices surged over $1 per barrel, with Brent crude reaching $94.81 and U.S. WTI crude hitting $91.45, primarily due to concerns about winter supply shortages and expectations of a "soft landing" for the U.S. economy. Although U.S. crude oil inventories increased by 1.6 million barrels, fears of low levels at the Cushing storage hub persisted. Further drops at Cushing could exacerbate supply constraints stemming from OPEC+ production cuts. Analysts anticipate oil price volatility in October but doubt a short-term surpassing of $100 per barrel. Economic data weakness and potential interest rate hikes also influence market sentiment.

Original Article: investing.com