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Crude oil futures settle higher on Wednesday

23 Oct 2025 Evaluate

Crude oil futures settled higher on Wednesday after the planned meeting between U.S. President Donald Trump and Russian President Vladimir Putin slated to be held in Budapest, Hungary, to explore avenues to end the three-plus-year Russia-Ukraine war has been cancelled. Besides, concerns over supply-side disruptions persist due to heavy sanctions by the U.S. and West on Russian oil exports.

Benchmark crude oil futures for November gained $1.26 or 2.20% at $58.50 a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased $1.27 or 2.07% to settle at $62.59 a barrel on London's Intercontinental Exchange.

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