Oil Prices Decline as Middle East Supply Concerns Linger
Oil prices declined on Tuesday as investors focused on signs of recovering crude exports from the region and lingering concern over Middle East supply disruption brought about by the US-Israeli war on Iran.
Brent crude futures were down 54 cents, or 0.51%, at $104.74 a barrel at 1144 GMT. Meanwhile, US West Texas Intermediate crude was at $91.83, down 77 cents, or 0.83%.
Saudi Arabia has resumed oil loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, improving the outlook for oil exports from the Middle East. Crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February.
However, diesel futures in Europe edged down on Tuesday to trade around $1,370 per metric ton, having reached as high as $1,535 per ton last week due to US President Donald Trump's support for a ban on diesel exports.