China Mediation Helps Pull Back Oil Prices Above $100

International oil prices closed lower on Friday after China intervened at Saudi Arabia's request to urge Iran to restrain Houthi attacks on Saudi oil facilities, easing market concerns about further supply disruptions in the Middle East.

Brent crude for November delivery fell 0.9% to $104.87 per barrel, while WTI for October delivery dropped 1.6% to $100.30 per barrel, but both benchmarks held above the $100-per-barrel level.

Saudi Aramco rerouted exports through the Strait of Hormuz after damage to its east-west pipeline, lifting September export volumes back above 4 million barrels per day.

JPMorgan noted that global oil demand is running about 4.4 million barrels per day below year-ago levels, with demand destruction preventing prices from spiraling out of control despite supply disruptions.