Oil Prices Slide As Middle East Oil Exports Recover
(RTTNews) - Oil prices were sharply lower on Tuesday, with Brent crude prices dipping below $100 a barrel on signs of resilient Middle Eastern crude exports and the G7's announcement to launch a 100-million-barrel coordinated stock release.
Brent crude futures fell 1.6 percent to $98.76 a barrel, extending losses from the previous session. WTI crude futures were down 1.9 percent at $87.73 a barrel.
Media reports suggest that Middle East crude exports are recovering toward pre-war levels despite continued risks to shipping.
It was said that Middle Eastern producers are finding ways to maintain crude shipments despite continued security risks around the Strait of Hormuz.
As oil flows from the Middle East recover after months of disruptions linked to the Iran war, Saudi Aramco unexpectedly lowered its November official selling prices for crude oil bound for Asia by the widest margin in six years.
Additional pressure on crude oil price is coming from the G7 announcement of a 100-million-barrel emergency stock release.
Following pressure from the United States to help ease surging fuel prices, the Group of Seven (G7) countries have agreed on the coordinated release of 100 million barrels through the International Energy Agency over the next four months.
The G7 said a substantial volume of diesel would be released within the first 20 days by member countries and partners.
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