Oil Prices Lower as Focus Shifts to Middle East Supply
- On Tuesday, oil prices declined as crude exports from major Middle Eastern producers reached 12.8 million barrels a day in September, the highest level since February, according to data provider Kpler.
- Saudi Arabia resumed oil loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, improving the outlook for oil exports from the Middle East.
- KCM Trade chief analyst Tim Waterer noted that much of the Gulf's export increase relies on inefficient ship-to-ship transfers, which keep crude prices elevated despite the recovery.
- European diesel futures edged down on Tuesday to trade around $1,370 per metric ton, while the US considers regulatory relief allowing broader red-dyed diesel sales to help lower prices.
- US and Iranian officials are pursuing efforts to end seven months of war, though President Donald Trump rejected reports of potential deals, stating he has offered Iran nothing for "concrete" steps.
46 Articles
46 Articles
The price of Brent oil fell about 2.5 percent yesterday, amid growing signs that more oil is coming from Gulf countries despite the ongoing conflict.
Despite the de-escalation, Brent is on track for a third consecutive month of gains
Oil Holds Loss as Middle East Exports Seen Near Pre-War Level
Oil steadied after its biggest drop in more than a week on signs supply from the Middle East has risen to near pre-war levels as Saudi Arabia resumed flows through a pipeline that avoids the Strait of Hormuz.
Oil prices fell by 2.5 percent at the time of the adjustment, today Tuesday, with investors focusing on indicators of recovery of crude exports from the Middle East, but prices tend to record monthly gains amid continuing concerns about supply disruptions.
Crude prices fall by signs of improved exports from the Middle East, despite tensions between Tehran and Washington.The reactivation of the Saudi pipeline drives the flow, although the diplomatic impasse continues to affect market expectations.
Oil's New Normal Is Higher Prices
Oil prices pulled back on Tuesday, reversing recent gains as investors weighed signs of export recovery by Middle Eastern producers against uncertainty surrounding the fate of the Iran war. Brent crude for November delivery fell 1.5% to trade at $103.72 per barrel at 1.10 pm ET, while WTI crude for October delivery declined 2.2% to change hands at $90.62/bbl. Crude exports from the region climbed to 15.5 million barrels per day in September, goo…
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