Middle East Oil Exports Rebound, Pressuring Oil Prices
Oil prices declined on Tuesday as investors focused on signs of recovering crude exports from the Middle East and concerns over potential supply disruptions. Brent crude futures fell $1.38, or 1.3%, to $103.88 a barrel, while US West Texas Intermediate crude dropped $2.04 or 2.16% to $90.58.
Despite heading for monthly gains of around 15% and 5.7% respectively, Brent and WTI were under pressure due to news that Saudi's East/West pipeline flows have increased. US/Iran negotiations are ongoing, but both sides seem far apart in their demands.
Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline. Crude oil exports from key Middle East producers have rebounded to 16.328 million barrels per day in September, the highest since February.