Oil prices settled lower as recovering Middle East exports weighed on the market, while lingering supply concerns left Brent headed for a monthly gain of about 13% and WTI about 4%. Brent settled at $102.59 a barrel and WTI at $89.38.
Brent crude futures settled down $2.69, or 2.6%, at $102.59 a barrel. U.S. West Texas Intermediate settled down $3.22, or 3.5%, at $89.38. Both benchmarks remained on track for monthly gains, with Brent up about 13% and WTI about 4%.
Saudi Arabia resumed oil tanker loadings from Yanbu after restarting operations on the East-West Pipeline. Middle East crude exports rebounded to 16.328 million barrels per day in September, their highest level since the war on Iran began in late February, Kpler data showed.
Diesel futures in Europe edged lower, while U.S. diesel futures rose 2.6%. The Trump administration urged the European Union to draw down emergency diesel inventories, and Trump was considering allowing broader sales of red-dyed diesel as an alternative to a diesel export ban, sources said.
