Commodities
WTI Crude Slips Below $90 as Gulf Supply Improves
The price of WTI crude has slipped below $90 per barrel due to improving Gulf supply and rising U.S. crude inventories, but Brent remains steady around $100.
The improved supply from Saudi Arabia and Iraq is putting pressure on the market, with Saudi Arabia's East-West Pipeline restarted after a forced shutdown on September 11.
An increasingly severe diesel shortage in Europe, however, is providing support for Brent. The premium of European low-sulphur gasoil over Brent has reached a record $95 per barrel after President Donald Trump supported considering restrictions on U.S. diesel exports.