[Oil Prices] Decline Continues... "Middle East Crude Exports Exceed Pre-War Levels"

[Financial News]  

International oil prices continued to decline on the 5th (local time). After turning slightly lower over the weekend, prices fell nearly 2% that day.
Oil prices fell sharply after it was confirmed that crude exports from Middle Eastern oil-producing countries were increasing, following the Group of Seven's (G7) decision last week to release additional stockpiled oil.
Brent crude for December delivery, the benchmark for international oil prices, fell 1.9% from the previous session to $100.32 a barrel.
The November West Texas Intermediate crude oil (WTI) contract, the U.S. oil benchmark, also fell 1.8% and settled at $89.43 a barrel.
On the 2nd, the G7 agreed to release 100 million barrels of diesel and crude oil. The deal came after U.S. President Donald Trump's threat to ban diesel exports unless they did so took effect.
The rise in Middle East crude exports triggered the day's decline.
According to maritime data released that day, Middle East crude exports exceeded pre-Iran war levels on four of the seven days during the final week of last month. Although tankers came under attack one after another in the Strait of Hormuz as the weekend approached, crude exports increased.

[email protected] Song Kyung-jae Reporter