FX.co ★ Crude Oil Pares Losses

Crude oil trimmed earlier losses to trade just below $94 a barrel on Tuesday, after three straight sessions of gains, as investors weighed renewed supply risks in the Middle East against the prospect of increased Russian fuel exports. Recent attacks on Riyadh’s international airport and on tankers near the Strait of Hormuz have intensified concerns over the security of key Gulf energy infrastructure and shipping lanes.

OPEC raised its forecast for global oil demand growth in 2027, citing the need to rebuild inventories depleted by the conflict involving Iran, but cut its 2026 outlook for a sixth consecutive month. The producer group also reported a pickup in OPEC+ output in September, led by Saudi Arabia, whose production climbed by more than 2 million barrels per day to 8.372 million.

At the same time, US President Donald Trump said Russia would supply diesel to global markets after Washington temporarily relaxed restrictions on Russian fuel exports.