Oil prices edged lower on Tuesday as resilient Middle Eastern exports and a planned release of emergency reserves eased supply concerns, although attacks by Yemen’s Houthis on Saudi targets kept traders alert to risks around Gulf supplies.
Brent crude futures fell four cents to US$100.28 a barrel by 0003 GMT, while US West Texas Intermediate crude futures slipped 11 cents, or 0.1 per cent, to US$89.33.
“Oil is little changed after yesterday’s decline as traders continue to digest a modest easing in supply-side anxiety,” KCM Trade chief analyst Tim Waterer said.
“The pickup in Saudi export numbers and the G7 decision to release strategic reserves are helping keep a lid on prices for now, even while Brent remains anchored around the $100 level,” he said.
Crude exports from the Middle East exceeded pre-war levels on four days in the final week of September, shipping data showed, highlighting the resilience of regional oil flows despite attacks on vessels transiting the Strait of Hormuz.
The supply outlook was further supported after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged not to impose energy export restrictions following pressure from US President Donald Trump.
However, the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen continued to raise concerns over potential disruptions from the region’s biggest oil exporter as US-Iran talks remained deadlocked.
The Houthis said on Monday they had attacked several sites in Saudi Arabia, including King Khalid International Airport in Riyadh, an Aramco refinery in Rabigh and Abha airport. Saudi authorities had not immediately confirmed the attacks.
Without a clear diplomatic breakthrough or further improvement in export efficiency, the floor under oil prices remains reasonably firm, Waterer said.
Reuters
