Oil slips as Middle East crude exports rise, G7 to release stocks
USO•Oil prices fell as rising Middle East crude exports and a planned G7 release of 100 million barrels from emergency reserves added to supply. Brent was down 0.34% at $101.90 a barrel and U.S. WTI fell 0.68% to $90.49.
1. Supply pressures prices
Brent crude futures fell 35 cents, or 0.34%, to $101.90 a barrel, while U.S. West Texas Intermediate dropped 62 cents, or 0.68%, to $90.49. The G7 agreed to release 100 million barrels of diesel and crude from emergency reserves and avoid energy export restrictions.
2. Exports and security risks
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 in the Strait of Hormuz. The Houthis said they launched missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area; Saudi Arabia did not confirm the attacks.
3. Other oil developments
Saudi Aramco unexpectedly cut November crude prices for Asia to six-year lows. OPEC+ delayed a review of its members’ 2027 oil output quotas after the war on Iran disrupted capacity-expansion projects across the Middle East, two sources close to the matter said.
