Brent Falls for 3rd Day
Brent crude fell for a third consecutive session on Tuesday, approaching $98 a barrel, amid signs that Middle Eastern crude exports are recovering. Saudi Arabia’s Energy Minister said that oil flows through the East-West Pipeline reached 5.8 million barrels, while In addition, reports showed that crude exports from the Middle East exceeded pre-war levels on four days during the final week of September. Adding to the bearish pressure, G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from imposing energy export restrictions. Saudi Arabia also sharply cut the price of its flagship crude grade for Asian buyers as supply flows improved, providing further evidence of a loosening market. Meanwhile, OPEC+ agreed to keep its oil production targets unchanged for November.
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Brent crude fell for a third consecutive session on Tuesday, approaching $98 a barrel, amid signs that Middle Eastern crude exports are recovering. 8 million barrels, while In addition, reports showed that crude exports from the Middle East exceeded pre-war levels on four days during the final week of September. Adding to the bearish pressure, G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from imposing energy export restrictions. Saudi Arabia also sharply cut the price of its flagship crude grade for Asian buyers as supply flows improved, providing further evidence of a loosening market.
Meanwhile, OPEC+ agreed to keep its oil production targets unchanged for November.