Oil prices lose about USD2

Oil prices fell about USD2 on Monday, according to Business Recorder, as crude exports from the Middle East rose and the Group of Seven nations pledged more supply. Brent futures settled USD1.93 lower, or 1.89 percent, at USD100.32 a barrel, while West Texas Intermediate dropped USD1.68 to USD89.43. Selling was held back by continuing concerns about disruption tied to the US war with Iran.

During late September, Middle Eastern crude exports topped pre-war volumes on four days out of seven, per shipping data, despite attacks on ships in the Strait of Hormuz. On Friday, the G7 bloc decided to draw 100 million barrels, a mix of diesel and crude, from emergency holdings, and to avoid energy export limits, as US President Donald Trump pressed for action. Pavel Molchanov of Raymond James argued that buyers remained wary, since the split between this pledge and the leftover part of the 400 million-barrel IEA release was unclear.

Saudi Aramco chief executive Amin Nasser expected crude and refined fuel supplies to stay tight, adding that rebuilding global stockpiles after emergency withdrawals could take two years. US Strategic Petroleum Reserve inventories slipped to 283 million barrels in the latest week, their lowest level since October 1982, according to Energy Department data. Aramco also unexpectedly lowered its November pricing for Asian buyers to a six-year low.