Oil slips as Middle East crude exports rise, G7 to release stocks

Oil prices edged lower on Monday as rising Middle East crude exports and a release of oil stocks by the Group of Seven ‌nations boosted supplies, offsetting concerns about further damage to Gulf oil infrastructure amid the U.S.-Israeli war on Iran.

Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel at 0240 GMT, while U.S. West Texas Intermediate crude was at $90.12 a barrel, down 95 cents, or 1.03%.

Brent gave up most of its gains last week while WTI was 1.6% lower after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from ⁠emergency reserves and pledged to refrain from energy export restrictions after pressure from U.S. President Donald Trump.

The release will add to Middle Eastern crude exports which rose above pre-war levels in four of the seven days of the final week of September, shipping data showed on Monday, despite attacks on vessels passing through the Strait of Hormuz.

Brent prices continue to stay above $100 per barrel on persistent geopolitical tensions ⁠and an increase in attacks on commercial vessels in the Gulf, ING analysts said in a note.

Reuters