Oil prices fall on signs Middle East crude flows recovering
USO•Oil prices fell as Saudi Arabia resumed tanker loadings at Yanbu and crude exports from key Middle East producers rebounded to 16.328 million barrels per day in September. Brent fell 1.3% to $103.88 a barrel and WTI dropped 2.16% to $90.58.
1. Prices decline
Brent crude futures fell $1.38, or 1.3%, to $103.88 a barrel, while U.S. West Texas Intermediate dropped $2.04, or 2.16%, to $90.58. Both benchmarks were headed for monthly gains, with Brent up around 15% and WTI up 5.7%.
2. Exports recover
Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline. Crude exports from key Middle East producers rose to 16.328 million barrels per day in September, the highest since the US-Israeli war on Iran began in late February.
3. Diesel measures considered
The White House urged the European Union to draw down diesel emergency inventories. Trump was also considering regulatory relief that could allow broader sales of red-dyed diesel, an alternative to a diesel export ban, according to people familiar with the discussions.
