Oil prices stable as market weighs supply risks, rising Middle East exports
Oil prices remained stable on Tuesday as market participants weighed potential supply risks, rising Middle Eastern exports, and the impact of attacks by Iran-backed Houthis in Yemen. Brent futures dropped 29 cents, or 0.3%, to $100.03 a barrel, while WTI crude rose 16 cents, or 0.2%, to $89.59, bringing Brent close to its lowest close since September.
Analyst John Evans from PVM noted that the assumption of more crude getting through has dampened price fervor. The IEA will meet next week to discuss a diesel stock release, amid market confusion over the quantities of diesel and crude oil the G7 plans to release from emergency reserves.
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