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Oil prices declined during Asian trading on Monday as recovering Middle East crude exports and a planned release of emergency reserves by Group of Seven nations eased concerns over near-term global supply disruptions. However, persistent geopolitical tensions in the region kept losses in check.
Brent crude futures for December delivery fell 0.7% to $101.58 a barrel as of 21:51 ET (01:51 GMT), while November West Texas Intermediate crude futures dropped 1.1% to $90.14 a barrel.
The decline followed the G7's decision on Friday to release 100 million barrels of crude oil and fuel products from emergency reserves. A significant portion of the diesel supply is expected to reach markets within 20 days as governments attempt to limit the impact of disruptions linked to the war involving Iran.
Supply concerns also eased as Middle Eastern crude exports recovered. Citing Kpler data, reports showed exports exceeded pre-war levels on four days during the final week of September, reaching between 19.5 million and 22.5 million barrels per day on September 24 and September 27-29.
The seven-day moving average climbed to 18.5 million bpd on October 1, compared with a pre-war average of 18 million bpd. Increased shipments through the Strait of Hormuz and alternative routes have supported the recovery, although risks to shipping remain elevated.
Geopolitical tensions continued to provide some support for oil prices. Yemen's Iran-aligned Houthis said they targeted Saudi Aramco facilities in Riyadh and Khurais with missiles and drones in retaliation for Saudi-led strikes in Yemen. Saudi Arabia has not confirmed the attacks.
Meanwhile, Saudi Aramco unexpectedly cut the November official selling price for Arab Light crude to Asian customers by $3 per barrel, setting it at a $5 discount to the Oman-Dubai benchmark. That marked the widest discount since June 2020 as the producer seeks to defend market share amid elevated freight costs.
OPEC+ also agreed to leave its November oil production targets unchanged. The producer alliance is scheduled to meet again on November 1.
