Crude Oil Futures Soar on August 31: WTI & Brent Jump 2.8% & 2.7%

International crude oil futures closed sharply higher on August 31, according to SunSirs. The U.S. WTI crude oil futures contract for October delivery rose by $2.36 (2.8%) to close at $85.76 per barrel. Meanwhile, the settlement price for the Brent crude oil futures contract for November delivery increased by $2.39 (2.7%) to close at $90.49 per barrel.

The significant gains in both contracts represent a major bullish signal, supporting an upward trend in spot and futures prices for crude oil. Crude oil is the primary feedstock for gasoline production, which means that its price increase will drive up production costs and support higher prices for gasoline.

Similarly, the rise in international crude oil prices has raised diesel production costs, providing bullish support for diesel spot and futures prices. As a core raw material for asphalt production, crude oil's sharp price increase has increased production costs, supporting higher prices for asphalt as well.