WTI Holds Near $90 Amid Uncertainty Over Middle East Flows
Oil prices held steady on October 1st amid uncertainty over whether a recovery in Middle East flows can be sustained. West Texas Intermediate (WTI) traded near $90 a barrel after rising 1.2% on Wednesday, while the most-active Brent contract settled around $98.
Crude flows from the Middle East were closing in on pre-war levels, although supplies of fuels have failed to recover to the same extent. This is according to Wall Street analysts and traders.
President Donald Trump stated that the US has total control of the waterway and will have an answer to Iran shortly.
'The market is getting some relief from improving supply, but without a credible path toward a lasting agreement, those gains can be temporary,' said Rebecca Babin, senior energy trader at CIBC Private Wealth Group.