Oil slips as Middle East crude exports rise, G7 to release stocks
NEW YORK: Oil prices slipped on Monday as rising crude exports from the Middle East and a release of oil stocks from Group of Seven nations added to supplies despite ongoing concerns about further damage to Gulf oil infrastructure amid the Iran war.
Oil prices dipped on Monday as increasing Middle East crude exports and a release of oil stocks from Group of Seven (G7) nations added to market supplies. Brent crude futures dropped 35 cents, or 0.34%, to US$101.90 per barrel, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.68%, to US$90.49 per barrel. Brent's gains from the previous week were largely erased, and WTI was 1.6% lower after the G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves.
The release is meant to alleviate immediate supply worries, but Saudi Arabian crude exports are expected to approach pre-war levels, which may help to keep prices in check. However, concerns about further damage to energy infrastructure around the Gulf region persist, as indicated by recent attacks on Saudi Aramco sites in Riyadh and the Khurais area.
Yemen's Saudi-backed government announced a major military campaign to recapture areas under Houthi control, while Aramco has reduced November crude oil prices for Asia to six-year lows. OPEC+ postponed a review of 2027 oil output quotas following the US-Israeli war on Iran, which has created uncertainty about future production potential. In Europe, Ukraine has pledged to intensify attacks on Russian oil refineries.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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