Oil prices barely changed as investors assess US-Iran peace talks and Gulf exports
USO•Brent rose 12 cents to $98.15 a barrel while WTI fell 7 cents to $90.35, as investors weighed US-Iran peace talks and signs of recovering Middle East oil exports.
1. Prices little changed
Oil prices were nearly flat in early Asian trading after gains the previous day. Brent rose 0.1% to $98.15 a barrel, while WTI fell 0.1% to $90.35. Brent gained about 14% in September, its biggest monthly rise since July, while WTI advanced about 5%.
2. Exports and diplomacy
Supply concerns as peace talks stalled supported buying, while signs of recovering Middle East exports added selling pressure, Fujitomi Securities analyst Toshitaka Tazawa said. Saudi Arabia resumed tanker loadings from Yanbu after restarting its East-West Pipeline. Gulf oil exports, including so-called dark exports, recovered to 23.3 million barrels per day over the past week, Goldman Sachs estimated.
3. Inventories and OPEC+
US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, the EIA said, compared with analysts' expectations for a 264,000-barrel draw. Fuel inventories fell sharply. OPEC+ producers are likely to keep November production targets steady when they meet on Sunday, two people with knowledge of the matter said.
