Oil prices lower as rising crude output offset geopolitical risks

Oil prices were lower on Thursday, 12 November, as rising crude production outweighed concerns over geopolitical tensions, Business Recorder reported. At 1222 GMT, Brent was down 0.58% at $92.22 a barrel, while US West Texas Intermediate fell 0.77% to $85.86. Both benchmarks had dropped by more than $1 in early Asian trading and were on course for a weekly decline.

Risks around the Strait of Hormuz remained in focus after Iran’s Revolutionary Guards Navy said two supertankers were disabled by explosions after striking naval mines on Wednesday night. The report also cited fires, oil spills and attacks on infrastructure in the region, while OPEC+ crude output rose in October, led by higher Saudi Arabian production despite shipping disruptions. Traders were awaiting US Energy Information Administration data on crude and product inventories, due later on Thursday after a one-day delay.