Oil falls on increased Gulf supply and hopes for US-Iran talks
- On Friday, oil prices fell 2% as concerns over Saudi supply disruptions eased, with the global benchmark Brent settling near $104 a barrel for a third consecutive session of losses.
- Earlier in the week, prices hit four-month highs after Saudi Arabia suspended crude loadings at the Yanbu export hub when its East-West pipeline was damaged in an attack last week.
- Saudi Aramco is working to partially restore the East-West pipeline within days, while the kingdom ramps up crude sales via Oman; Chinese refined oil product exports rose 12.7% in August, easing supply tightness.
- Despite the price cooling, Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes on Thursday, expanding the Middle East war front. Analyst Tamas Varga noted the fundamental outlook "would not justify a prolonged fall below $100."
- The regional war will come up for discussion at the United Nations General Assembly next week, with an Iranian delegation expected to attend. Brent has gained about 70 per cent this year as Middle East conflicts persist.
41 Articles
41 Articles
Oil prices ease as Saudi Arabia restores key pipeline, traders remain optimistic on US-Iran talks
Oil prices have dropped below $100 a barrel due to Saudi Arabia restarting crude supply operations. Diplomatic efforts to resolve the US-Iran conflict have also contributed to easing market pressure. US crude inventories increased by 1.8 million barrels in the past week, contrary to analysts' expectations. Iraq is reportedly increasing its oil exports, signaling a shift in regional supply dynamics.
Oil falls on increased Gulf supply and hopes for US-Iran talks
Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.
London, Sep 22 (EFECOM).- The price of the barrel of Brent for delivery in November fell by 1.09 % this Tuesday, to be at 99.25 dollars at the close of the futures market in London, while investors trust that diplomatic advances will take place this week in the context of the war in Ukraine and [...] The entry Brent falls from 100 dollars in view of diplomatic advances in Iran and Ukraine was first published in HolaNews.
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