Oil prices eased Friday but were on track for weekly gains, with Brent up 0.44% and WTI up 5.81% so far this week. Middle East supply risks and a larger-than-expected U.S. crude stock draw supported prices.
Brent crude futures fell 71 cents, or 0.67%, to $105.21 a barrel, while U.S. West Texas Intermediate crude futures fell 77 cents, or 0.79%, to $97.20. Despite the declines, Brent was up 0.44% and WTI 5.81% for the week so far. WTI had settled more than 3% higher on Thursday after a large U.S. crude stock draw linked to hurricane-related production shut-ins.
Uncertainty over Middle East supplies and the sustainability of flows through the Strait of Hormuz has added a risk premium to oil, ING analysts said. Attacks around the strait have increased over the past 10 days, and seven-day average clearance through Hormuz was 11.62 million barrels per day through October 13, about 68% of the 17.15 million bpd baseline, Kpler data showed. Kpler analysts expected a slower, uneven recovery without a comprehensive political deal.
The International Energy Agency agreed to release more than 20 million barrels of diesel and any oil remaining from an emergency-reserve release pledged in March. The Trump administration is also considering lifting sanctions on some shadow-fleet vessels to reduce global freight rates, a U.S. official said.
