US Oil Prices Fall as Investors Gauge Risks to Mideast Supply
Goldman Sachs says $27 a barrel reflects geopolitical risk as Houthi attacks, Middle East tensions and low inventories keep supplies tight.
- On Thursday, US oil prices fell as investors gauged Middle East supply risks, with West Texas Intermediate futures dropping $1.04, or 1.0%, to $101.74 and Brent crude declining 0.7% to $114.50 a barrel.
- Regional hostilities escalated after the Houthis reported missile strikes on Saudi Arabia's largest refinery on Tuesday and attacked Aden airport on Wednesday, though Saudi authorities did not immediately confirm the 550,000-barrel-per-day facility strike.
- US Vice President Vance sought to revive negotiations by sending a letter to Iranian Security Council chief Mohsen Rezaei, but a senior Iranian official dismissed a new Qatari-backed draft deal even as Tehran continues to give diplomacy a chance.
- The Energy Information Administration reported energy firms pulled 1.9 million barrels of crude from storage during the week ended October 23, while gasoline stockpiles rose by 3.9 million barrels, exceeding analysts' expectations for a draw of 0.9 million barrels.
- "Selling pressure is prevailing amid expectations that peace talks may resume," said Yuki Takashima, an economist at Nomura Securities, though the decline remains limited due to fears the US may launch an attack on Iran after its November 3 elections.
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<p>Oil prices are down: WTI has fallen to $101.91 per barrel, Brent is trading at $115.32 WTI has fallen to $101.91, while Brent has risen to $115.32 per barrel. Markets react to possible US negotiations and </p>Iran.
US Oil Prices Fell Nearly $1, as Concerns over a Potential Middle Eastern Conflict Impacting Supply.
WTI oil prices fell 0.9% after surging the previous day, as investors worried about escalating conflict following the Houthi attack on Aden airport and their claim to have struck Saudi Arabia's largest oil refinery.
Channel News Asia
WTVBUS oil prices fall as investors gauge risks to Mideast supply
TOKYO, Oct 29 : Benchmark US crude futures fell around $1 on Thursday, paring some of the previous day's gains, as traders weighed the risk that escalating Middle East conflict could further disrupt regional energy supplies.US West Texas Intermediate (WTI) crude futures were down 92 cents, or 0.9 per cent, at
U.S. crude climbs 3% on fears of war escalation, oil stockpiles drop for fourth straight week
US crude oil rose 3% on worries over the potential for renewed military strikes against Iran after the midterm elections and helped by a fourth straight weekly decline in US crude stockpiles
Future oil contracts closed this Wednesday (28) at high altitude and interrupted a sequence of two consecutive relief sessions, while fears of a new escalation in the conflict between the United States, Iran and Israel overshadowed the signs of diplomatic efforts seen in recent days. Brent oil for delivery in December closed at 1.26% high, quoted at US$115.32 per barrel at ICE. In Nymex, WTI oil for the same month rose 2.88%, quoted at US$102.78…
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