Crude oil prices rose on optimism over firm demand. Here’s how it might affect you, .

Oil Prices See Modest Gains Amid Market Fluctuations

Brent crude futures rose 35 cents, or 0.5%, to $72.90 a barrel, while U.S. West Texas Intermediate crude climbed 32 cents, or 0.5%, to $68.93 a barrel by 0029 GMT. Both contracts experienced a more than 2% increase on Wednesday, rebounding from a significant decline earlier in the week, fueled by reduced fears of an expansive conflict in the Middle East.

Gasoline Stockpiles Hit Two-Year Low

Unexpectedly, U.S. gasoline inventories dropped to a two-year low in the week ending October 25, driven by strong consumer demand. This news comes as crude inventories also declined due to falling imports, contrasting with analyst predictions of rising stockpiles.

OPEC Production Decisions Loom

Market analysts suggest that a delay in OPEC’s planned production increases could bolster prices further. The organization is set to meet on December 1 to discuss potential adjustments in output, with a possible increase of 180,000 barrels per day in December already on the table.

Middle East Ceasefire Talks Progress

In related news, Lebanon’s Prime Minister expressed optimism regarding a ceasefire agreement with Israel, potentially effective within days. Diplomatic efforts are also underway to stabilize the situation in Gaza and Lebanon, indicating a broader push for peace in the region.