FX.co ★ Brent Falls for 3rd Day

Brent crude extended its decline for a third straight session on Tuesday, nearing $98 a barrel, as signs emerged that Middle Eastern crude exports are rebounding. Saudi Arabia’s energy minister reported that oil flows through the East–West Pipeline had reached 5.8 million barrels, while Reuters indicated that shipments along the route have remained uninterrupted. Separately, data showed that crude exports from the Middle East surpassed pre-war levels on four days during the final week of September.

Bearish sentiment was further reinforced after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged not to impose restrictions on energy exports. In a further sign of easing supply conditions, Saudi Arabia sharply reduced the price of its flagship crude grade for Asian buyers as flows improved, underscoring evidence of a loosening market. At the same time, OPEC+ decided to leave its oil production targets unchanged for November.