Oil slips on rise in Middle East crude exports and G7 stocks release
USO•Oil prices fell as Middle Eastern crude exports increased and G7 nations pledged to boost supplies. Brent was down 0.4% at $101.82 a barrel, while U.S. WTI fell nearly 1.7% to $89.61.
1. Prices fall as supply grows
Brent crude futures fell 43 cents to $101.82 a barrel by 1326 GMT on Monday, while U.S. West Texas Intermediate dropped $1.50 to $89.61. Middle Eastern crude exports rose above prewar levels on four of the seven days in the final week of September, shipping data showed, and G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves.
2. Supply risks persist
Analysts said the G7 release would provide short-term relief, while disruption fears remained linked to the conflict in the Middle East. Saudi Aramco CEO Amin Nasser expected crude and refined fuel supplies to remain stretched and said replenishing global stockpiles after emergency withdrawals might take two years. The Houthis said they attacked Saudi Aramco sites in Riyadh and the Khurais area; Saudi Arabia did not confirm the claim. Aramco also unexpectedly cut November crude prices for Asia to six-year lows, and OPEC+ postponed a review of 2027 output quotas.
