Global oil prices fell nearly 2% on Tuesday as increased Middle Eastern crude exports and a G7 agreement to release emergency oil and diesel reserves eased supply concerns.
According to media reports, Brent crude futures dropped $1.84, or 1.8%, to $98.48 a barrel, while US West Texas Intermediate (WTI) fell $1.42, or 1.6%, to $88.01.
Brent was heading for its lowest close since September 8, while WTI was on track for its weakest close since August 31.
Vitol CEO Russell Hardy said around 12 million barrels per day of crude and 2 million bpd of refined products had been shipped from the Middle East over the past seven to 10 days, helping ease upward price pressure.
Saudi Energy Minister Prince Abdulaziz bin Salman said 5.8 million barrels of oil had moved through the kingdom’s East-West Pipeline to Yanbu by Tuesday morning.
However, concerns over potential further disruptions in the Middle East limited the decline.
Saudi airports in Jazan and Najran were attacked on Monday, injuring three people, according to the Saudi aviation authority.
