Brent Slips as Reserve Supply Plans Ease Market Concerns
Brent fell to $105.43 as expected supply increases and profit-taking outweighed risks tied to Iran, Russia and falling US inventories.
Key takeaways
- Brent crude traded at $105.43 a barrel, down about 0.5%.
- IEA members agreed to speed up the release of nearly 100 million barrels of strategic reserves.
Brent crude for December delivery fell about 0.5% to $105.43 a barrel at 09:22, as expectations of rising supply and profit-taking weighed on prices. West Texas Intermediate crude for November delivery was at $97.46.
International Energy Agency members agreed to speed up the release of nearly 100 million barrels of strategic reserves that have not yet reached the market. The IEA said more than 20 million barrels of that volume is diesel. About 330 million barrels have already been released under a joint action launched in March.
Supply risks continued to limit the decline. US sanctions targeting 16 people and 10 organizations linked to Iran raised concerns about disruptions to Iranian oil exports. Ukraine also said it would resume attacks on Russian oil refineries.
Meanwhile, US commercial crude inventories fell by 8.6 million barrels last week to 415.6 million, according to the Energy Information Administration. Analysts had expected an increase of 200 thousand barrels.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
