Oil price dips to USD100
NEW YORK: Oil prices eased on Monday to their lowest level in 12 days, as investors hoped for diplomatic progress on the Iran war due to this week’s United Nations meeting and eyed a partial recovery in shipments from Saudi Arabia. The Brent crude futures November contract settled at USD100.34 a barrel, down USD3.53, or 3.4 percent. The WTI October contract that is expiring on Tuesday fell…
Oil prices plummeted to USD100 on Monday, marking their lowest level in 12 days, as investors bet on diplomatic progress in the Iran war and a potential recovery in Saudi Arabian oil shipments. The Brent crude futures November contract closed at USD100.34 a barrel, down USD3.53, or 3.4 percent, while the WTI October contract, set to expire on Tuesday, fell USD4.52, or 4.51 percent, to USD95.78 a barrel.
Both benchmarks had their weakest point since September 9. Iran and the US engaged in new threats on Sunday, although President Donald Trump expressed openness to meeting Iranian President Masoud Pezeshkian, who is scheduled to attend the United Nations General Assembly in New York this week. Analyst Tamas Varga of PVM Oil Associates noted that while such a scenario seemed unlikely a few days ago, it now appears to be a positive development.
Iran has outlined its demands for re-engaging in negotiations, according to Al Jazeera, citing Iran's security chief Mohsen Rezaei. Conflict in the Middle East persisted, with the Houthis claiming attacks on Riyadh and a Saudi Aramco facility in Yanbu, Red Sea, and aiming to sever the Red Sea coast from Saudi-held areas. China urged Iran to curb the Houthis' actions following Saudi Arabia's appeal for assistance after the attacks.
Saudi Aramco increased oil exports through the Strait of Hormuz this month and next, after temporarily suspending some shipments via Yanbu, due to the Houthis' targeting of the East-West pipeline. The company unloaded approximately 14 million barrels of crude oil on seven supertankers in the Middle East Gulf on Sunday. Satellite data revealed that Saudi oil passing through the Strait of Hormuz averaged 2.9 million barrels per day over the past six days, a significant increase from 700,000 bpd in August.
Meanwhile, Libya's National Oil Corp Chairman Massoud Suleman reported a partial decline in production at the Sharara oilfield without specifying the cause.
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