Oil falls as Middle East crude exports rise, G7 to release stocks
USO•Oil prices fell as Middle East crude exports rose and G7 nations agreed to release 100 million barrels of diesel and crude from emergency reserves. Brent was down 0.71% at $101.59 a barrel, while WTI fell 1.2% to $90.05.
1. Prices decline
Brent crude futures fell 72 cents, or 0.71%, to $101.59 a barrel, while U.S. West Texas Intermediate crude was down $1.05, or 1.2%, at $90.05. Rising Middle East exports and the planned release of oil stocks boosted supplies, offsetting concerns about damage to Gulf oil infrastructure.
2. Supply and security
G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves. Middle Eastern crude exports rose above pre-war levels on four of the seven days in the final week of September, despite attacks on vessels passing through the Strait of Hormuz. The Houthis said they attacked Saudi Aramco sites in Riyadh and the Khurais area; Saudi Arabia did not confirm the claim.
3. Other market developments
Saudi Aramco unexpectedly cut November crude prices for Asia to six-year lows. OPEC+ delayed a review that would determine members’ 2027 oil output quotas after the Iran war disrupted capacity-expansion projects across the Middle East.
