Oil prices stable as market weighs supply risks, rising Middle East exports

Oil prices remained stable on Tuesday, recovering earlier losses as the market weighed potential supply risks and rising Middle Eastern exports. Brent futures dropped 29 cents, or 0.3%, to $100.03 a barrel, while US West Texas Intermediate (WTI) crude rose 16 cents, or 0.2%, to $89.59, bringing Brent close to its lowest close since September 22.

Analyst John Evans from oil broker PVM noted that the assumption of more crude flowing through Middle Eastern ports has dampened price fervor. Around 12 million barrels per day of crude oil and 2 million barrels per day of refined products have been exported from the Middle East in the past week, according to Vitol CEO. Saudi Arabia has seen two attacks on its airports in Jazan and Najran, injuring three people, as tensions with Iran-backed Houthis escalate.

The International Energy Agency is set to meet next week to finalize plans for a diesel stock release amid growing confusion over the volumes to be made available to address shortages and high prices.