Oil steadies on rise in Middle East crude exports and G7 stocks release
USO•Oil prices edged higher in volatile trading as Middle East crude exports rose and G7 nations pledged to release supplies. Brent gained 16 cents to $102.41 a barrel, while U.S. crude fell 90 cents to $90.21.
1. Prices move unevenly
Brent crude futures gained 16 cents to $102.41 a barrel by 1138 GMT, while U.S. West Texas Intermediate fell 90 cents, or nearly 1%, to $90.21. Both contracts had lost more than 1% earlier in the session. Gasoil futures rose more than 2% to $1,391 a metric ton.
2. Supply and risk factors
The G7 pledged to release 100 million barrels of diesel and crude from emergency reserves and refrain from energy export restrictions. Middle Eastern crude exports rose above prewar levels on four of the seven days in the final week of September, despite attacks on vessels passing through the Strait of Hormuz. Saudi Aramco CEO Amin Nasser said crude and refined fuel supplies would remain stretched and that replenishing global stockpiles after emergency withdrawals might take two years.
3. Regional developments
The Houthis said they attacked Saudi Aramco sites in Riyadh and the Khurais area; Saudi Arabia did not confirm the claim. OPEC+ delayed a review of 2027 oil output quotas after the Iran war disrupted projects to expand Middle East capacity. Saudi Aramco also unexpectedly cut November crude prices for Asia to six-year lows.
