Oil prices fall after G7 decision to release 100 million barrels — Channel NewsAsia

Oil prices fell on October 6 amid data showing steady supplies of raw materials from the Middle East and the G7 countries’ decision to release 100 million barrels of diesel fuel and oil from emergency reserves. As Channel NewsAsia reports, Brent futures lost 4 cents and traded at $100.28 per barrel, while U.S. WTI fell by 11 cents, or 0.1%, to $89.33 per barrel.

G7 supplies and reserves

According to maritime shipping data, crude oil exports from the Middle East exceeded pre-war levels for four days during the final week of September. This indicated the resilience of regional oil flows despite attacks on vessels passing through the Strait of Hormuz.

On Friday, the G7 countries agreed to release 100 million barrels of diesel fuel and oil from emergency reserves. They also pledged to refrain from restrictions on energy exports after pressure from U.S. President Donald Trump.

More current news is available on the UA.News Telegram channel Telegram.

Supply risks

At the same time, traders remained cautious due to risks to supplies from the Persian Gulf. The conflict between Saudi Arabia and the Iran-backed Houthis in Yemen heightened concerns about possible supply disruptions from the region’s largest oil exporter amid stalled U.S.-Iran negotiations.

The Houthis in Yemen said on Monday that they had attacked several facilities in Saudi Arabia, including King Khalid International Airport in Riyadh, the Aramco refinery in Rabigh, and an airport in Abha. There was no immediate confirmation of these claims from Saudi Arabia.

KCM Trade chief analyst Tim Waterer said that without a diplomatic breakthrough or a significant improvement in export efficiency, oil prices could maintain a relatively firm floor.