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

According to Business Recorder, Brent crude futures lost 66 cents, or 0.65%, and traded at $101.59 a barrel by 0240 GMT on Monday. US West Texas Intermediate was priced at $90.12 a barrel after a drop of 95 cents, or 1.03%.

Brent had surrendered most of the gains it made last week, while WTI finished that period 1.6% lower. On Friday, G7 countries agreed to draw 100 million barrels, split between diesel and crude, from emergency reserves, and promised to avoid energy export curbs under pressure from Donald Trump. Shipping data released on Monday showed Middle Eastern crude exports exceeded pre-war levels on four of the seven days in the final week of September, despite attacks on vessels in the Strait of Hormuz.

Houthi forces claimed they had launched missiles and drones against Aramco facilities in Riyadh and Khurais, with Saudi Arabia yet to verify the claim. Their stated trigger was 50 Saudi-led air and missile attacks in Yemen over the previous 12 hours. Separately, Aramco unexpectedly lowered November pricing for Asian buyers to their lowest point in six years, while OPEC+ postponed a review that would set 2027 output quotas after the Iran war disrupted expansion projects, according to two sources close to the matter.