NEW YORK: Oil prices recovered to settle slightly higher on Tuesday (Oct 3) after sinking to three-week lows, pressured by a stronger US dollar and da...
Industry data shows US crude stocks fell by about 4.2 million barrels in the week ended Sept 29, according to market sources citing American Petroleum Institute figures. – AFPpic
US West Texas Intermediate crude settled up 41 cents at US$89.23 per barrel. The session low was US$87.76, the weakest since Sept 12. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Saudi Arabia is expected to raise its November official selling price of Arab Light crude to Asia for a fifth straight month, according to a Reuters survey.
“In theory, under the terms of the Opec+ deal, production should remain flat over Q4. However, Iraq’s compliance has been somewhat spotty in the past and export levels should be expected to rise, assuming the pipeline resumes operations as planned,” BMI Research analysts said.
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