Oil Prices Tumble as US Offers More Oil from Reserves

Oil prices fell to their lowest levels in nearly a week on Tuesday as improved crude flows from the Middle East and a U.S. plan to release more oil from its reserves offset concerns about diplomatic progress between the U.S. and Iran.

The global benchmark Brent crude, expiring in December, dropped 2% to $95.88 per barrel, while WTI crude, expiring in November, shed 3.7% to $89.20 per barrel. These prices are their lowest since September 23.

Despite a lack of diplomatic progress between the U.S. and Iran, energy markets focused on reports that physical oil flows out of the Middle East were recovering. Crude exports from key regional producers rose to 12.8 million barrels per day in September, according to preliminary Kpler data.