Tuesday saw a drop in oil prices as investors concentrated on indications that the region’s crude shipments were improving and ongoing worries about the disruption of Middle Eastern supplies caused by the US-Israeli war on Iran. At 11:44 GMT, Brent crude futures were down 54 cents, or 0.51%, to $104.74 a barrel. US West Texas Intermediate crude was down 77 cents, or 0.83%, to $91.83.
WTI and Brent are expected to rise about 7% and 16% for the month, respectively. Higher oil export volumes from the Gulf are becoming more apparent, but much of that rise still depends on workarounds like ship-to-ship transfers, according to Tim Waterer, chief analyst at KCM Trade.
Crude prices are still high since those approaches are more expensive and less effective than regular operations.”Preliminary data from data provider Kpler revealed on Monday that crude exports from major Middle Eastern exporters reached 12.8 million barrels per day in September, the most since February, thanks to increasing shipments from Saudi Arabia and the United Arab Emirates.
After reaching as high as $1,535 per tonne last week after US President Donald Trump declared his support for a ban on diesel exports, diesel futures in Europe somewhat decreased on Tuesday to trade around $1,370 per metric tonne. So far this year, European diesel futures have more than quadrupled.
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