NEW YORK: Oil prices fell over 2% on Wednesday (Oct 11) as fears of disruption to supplies due to conflict in the Middle East receded a day after top ...
Oil storage facilities in the Permian Basin in Lea County, New Mexico. ExxonMobil sealed a megadeal to acquire Pioneer Natural Resources for about US$60 billion, bolstering its holdings in the Permian Basin, a key US petroleum region. – AFPpic
Brent and WTI had surged by more than U$3.50 per barrel on Monday over concern the clashes between Israel and Hamas could escalate into a broader conflict that would disrupt global oil supply. Trading house Mercuria sees oil prices reaching U$100 a barrel if the situation in the Middle East escalates further, deputy CEO Magid Shenouda said on Wednesday.
Russia and Saudi Arabia met in Moscow on Wednesday, when Russian President Vladimir Putin said that Opec+ coordination will continue “for the predictability of the oil market”. In the U, producer prices increased more than expected in September amid higher costs for energy products and food, but underlying inflation pressures at the factory gate continued to abate.
In a report, the US Energy Information Administration projected global oil inventories would fall by 200,000 barrels per day in the second half of 2023 from voluntary output cuts from Saudi Arabia, along with reduced production targets among Opec+ countries.
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