Crude Oil Below $91

Crude oil prices fell below $91 a barrel on Friday, consolidating after a 3.6% gain in the previous session, amid easing concerns over Middle East supply disruptions. US President Trump said that Washington was engaged in “productive discussions” with Iran and would refrain from attacking the country ahead of the midterm elections. Meanwhile, reports indicated that Tehran’s foreign minister said Iran was reviewing the US response to its proposal to reopen the Strait of Hormuz within seven days. Adding to the downward pressure, China is set to resume refined fuel exports in October following a brief suspension during the Golden Week holiday. On the other hand, threats to shipping through the Gulf and the Strait of Hormuz persist and supply risks continued in the Gulf of Mexico, where Hurricane Isaias forced producers to shut in approximately 1.3 million bpd as of Thursday, according to the US Marine Minerals Administration. For the week, crude oil prices were little changed