Oil prices slip as traders weigh strong Mideast exports against Gulf tensions
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
Oct 6 : Oil prices down on Tuesday as resilient Middle Eastern crude exports and a G7 emergency stockpile release eased supply concerns, though attacks by Yemen's Houthis on Saudi targets kept traders wary of risks to Gulf supplies.
Brent crude futures lost 4 cents to $100.28 a barrel by 0003 GMT, while US West Texas Intermediate crude futures fell 11 cents, or 0.1 per cent, to $89.33 a barrel.
"Oil is little changed after yesterday's decline as traders continue to digest a modest easing in supply-side anxiety," said KCM Trade chief analyst Tim Waterer.
"The pickup in Saudi export numbers and the G7 decision to release strategic reserves are helping keep a lid on prices for now, even while Brent remains anchored around the $100 level," he said.
CNA Games
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Show More
Show Less
Crude exports from the Middle East exceeded pre-war levels on four days during the last week of September, shipping data showed on Monday, underscoring the resilience of regional oil flows despite attacks on ships passing through the Strait of Hormuz.
Further easing supply concerns, G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.
However, the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen continued to fuel concerns over potential disruptions to supply from the region's largest oil exporter amid a stalemate in US-Iran talks.
Yemen's Houthis said on Monday they had carried out attacks on several sites in Saudi Arabia, including King Khalid International Airport in Riyadh, an Aramco refinery in Rabigh and Abha airport. There was no immediate Saudi confirmation.
Without a clear diplomatic breakthrough or a further material improvement in export efficiency, the floor under prices looks reasonably firm, Waterer said.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app