Brent Slips as Supply Outlook Improves
Brent crude fell toward $101 per barrel on Monday, giving back some of last week’s gains as signs of increasing global supply outweighed concerns over persistent geopolitical risks in the Middle East. On Friday, G7 countries agreed to release 100 million barrels of crude and diesel from emergency reserves while pledging not to impose restrictions on energy exports. Major OPEC+ members also agreed over the weekend to keep production quotas unchanged next month amid prolonged supply disruptions caused by the Middle East conflict. Meanwhile, data showed Persian Gulf crude exports exceeded pre-war levels on four of the seven days during the final week of September, despite disruptions in the Strait of Hormuz and the ongoing US-Iran conflict. In Yemen, Saudi-backed forces launched a full-scale military operation to retake areas controlled by the Houthis following weeks of escalating tensions between the Iran-backed group and Saudi Arabia.
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Brent crude fell toward $101 per barrel on Monday, giving back some of last week’s gains as signs of increasing global supply outweighed concerns over persistent geopolitical risks in the Middle East. On Friday, G7 countries agreed to release 100 million barrels of crude and diesel from emergency reserves while pledging not to impose restrictions on energy exports. Major OPEC+ members also agreed over the weekend to keep production quotas unchanged next month amid prolonged supply disruptions caused by the Middle East conflict.
Meanwhile, data showed Persian Gulf crude exports exceeded pre-war levels on four of the seven days during the final week of September, despite disruptions in the Strait of Hormuz and the ongoing US-Iran conflict. In Yemen, Saudi-backed forces launched a full-scale military operation to retake areas controlled by the Houthis following weeks of escalating tensions between the Iran-backed group and Saudi Arabia.