Oil Prices Fall on Rebound of Middle East Crude Exports
Oil prices declined on Tuesday as investors focused on signs of recovering crude exports from the Middle East. Brent crude futures were down $1.38, or 1.3 per cent, to $103.88 a barrel at 13:03 ET (17:03 GMT). US West Texas Intermediate crude was down $2.04 or 2.16 per cent at $90.58.
The decline in oil prices comes as Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, according to trade sources and shipping data. Crude oil exports from key Middle East producers have also rebounded in September to 16.328 million barrels per day, the highest since the US-Israeli war on Iran started in late February.
US President Donald Trump said he has offered Iran nothing to end the war, rejecting media reports that cited US officials saying he was willing to ease sanctions and release frozen funds for 'concrete' steps regarding Iran's nuclear programme.