Oil treads water as market weighs mixed supply signals
USO•Oil prices were broadly stable on Friday as the market weighed possible renewed U.S.-Iran tensions against signs of recovering Middle Eastern supplies. Brent fell 3 cents to $102.28 a barrel, while WTI eased 19 cents to $92.68.
1. Prices stabilize
Brent was down 3 cents, or 0.03%, to $102.28 a barrel at 0350 GMT, and was poised for a weekly decline of about 2%. WTI eased 19 cents, or 0.2%, to $92.68 and was headed for a weekly gain of about 0.3%.
2. Supply pressures
A Wall Street Journal report that the United States was sending a third aircraft carrier and up to 10,000 more troops to the Middle East raised concerns about renewed tensions with Iran. Those worries were offset by signs of healthier Saudi exports and U.S. pressure on Germany and France to draw down emergency diesel inventories.
3. Export curbs
China's decision to curb refined-product exports for October helped lift prices in the previous session. A source said the United States had asked the European Union to release 120 million barrels of diesel over six months; EU countries hold nearly 109 million tons of emergency crude and fuel stocks.
