Oil Prices Steady as Middle East Export Hopes Balance Disruption Worries
Oil prices were steady on Tuesday as investors focused on ongoing concerns over Middle East supply disruption from the US-Israeli war on Iran and recovering crude exports from the region.
Brent crude futures for November fell $24, or 0.23 per cent, to $105.04 a barrel at 1022 GMT, while US West Texas Intermediate crude was at $92.24, down $36, or 0.36 per cent.
A clearer picture is emerging of higher oil export volumes leaving the Gulf, but much of that increase still relies on workarounds such as ship-to-ship transfers, which are less efficient and more costly than normal operations.
Preliminary figures from data provider Kpler showed that crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February, with increased shipments from Saudi Arabia and the United Arab Emirates contributing to this increase.