Oil Prices Slide Amid Signs of Recovering Crude Exports
Oil prices declined by 2.5 percent on Tuesday as investors focused on signs of recovering crude exports from the Middle East.
Brent crude futures settled down USD2.69, or 2.6 percent, at USD102.59 a barrel, while US West Texas Intermediate crude fell USD3.22 or 3.5 percent to USD89.38.
The Brent price was on track for a monthly gain of around 13 percent and WTI about 4 percent.
Saudi Arabia's oil tanker loadings from its Red Sea port of Yanbu resumed after the East-West Pipeline restarted operations, improving the outlook for oil exports from the Middle East.
Crude oil exports from Middle East producers rebounded to 16.328 million barrels per day in September, the highest since the US-Israeli war on Iran started in late February, according to data from Kpler.