Crude oil prices in global markets fell, with Brent crude dropping below $99 per barrel and West Texas Intermediate, or WTI, sliding below $89 per barrel. As of 9:42 p.m. Thailand time, the November WTI contract was down $1.24, or 1.39%, at $88.19 per barrel, while the December Brent contract was down $1.68, or 1.67%, at $98.64 per barrel. Investors eased concerns about oil supply after shipping data showed crude exports from the Middle East were higher than pre-war levels between the United States and Iran for four days in the last week of September, and the Group of Seven leading industrial nations, or G7, agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves, pledging not to use measures restricting energy exports after being pressured by US President Donald Trump. However, the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen continued to raise concerns about possible disruptions to oil supply from Saudi Arabia, while negotiations between the United States and Iran remained deadlocked.
G7 emergency reserve release of 100 million barrels and rising Middle East crude exports ease supply worries, driving Brent below $99.
G7 releasing 100 million barrels from emergency reserves and higher Middle East exports ease supply concerns, pushing WTI below $89.
