Oil prices edged lower on Tuesday as markets assessed the strength of crude exports from the Middle East. An agreement by the Group of Seven to release oil from strategic reserves helped ease supply concerns, despite continued tensions in the region.
Brent crude fell 4 cents to $100.28 a barrel by 00:03 GMT, while U.S. West Texas Intermediate crude dropped 11 cents, or 0.1%, to $89.33.
Tim Waterer of KCM Trade said oil prices were moving within a narrow range after declining in the previous session, as traders absorbed a slight easing in supply concerns.
Shipping data showed that crude exports from the Middle East exceeded prewar levels during four days in the final week of September, despite attacks targeting vessels transiting the Strait of Hormuz.
The G7 agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves and pledged not to impose restrictions on energy exports, following pressure from U.S. President Donald Trump.
Markets, however, continue to monitor the impact of the conflict in the Middle East, as well as stalled U.S.-Iran talks, amid concerns over their potential impact on oil supplies.
The Houthis said Monday that they had carried out three military operations in Saudi Arabia targeting several areas, although there was no immediate confirmation from Saudi authorities.
Waterer said oil prices were likely to remain relatively stable unless there was clear diplomatic progress or a significant improvement in the efficiency of crude exports.
Source: Reuters
