Oil prices fall as Middle East exports rise and G7 releases stocks
Global oil prices dropped on Monday after increased crude exports from the Middle East and a planned release of emergency reserves by Group of Seven nations.
Brent and WTI benchmarks decline
Brent crude futures fell 66 cents to trade at $101.59 a barrel while US West Texas Intermediate dropped 95 cents to $90.12. These price drops occurred as rising Middle Eastern shipments offset concerns regarding infrastructure damage in the Gulf region.
G7 emergency reserve release plan
Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude from their emergency reserves. They also pledged to refrain from imposing new energy export restrictions following pressure from US President Donald Trump.
Middle East shipping data trends
Shipping data showed that Middle Eastern crude exports rose above pre-war levels in four of the seven days during the final week of September. This increase happened despite ongoing attacks on vessels passing through the Strait of Hormuz.
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- Express Tribune
- Business Recorder
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