Oil prices fall as G7 reserve release adds to growing global supply

Filed 15h ago · Via NV · The Buffoon Desk

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Kool Kats

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Diplomatic Security Service from Washington, D.C., United St · Public domain · via Wikimedia Commons

Oil prices slipped on Oct. 5 after Group of Seven countries agreed to release 100 million barrels of diesel and crude from strategic reserves, a move Reuters reports came under pressure from President Trump, adding to supply already swelled by rising Middle East exports.

Brent crude fell 66 cents to $101.59 a barrel and U.S. WTI dropped 95 cents to $90.12, erasing most of the prior week's gains even as shipping data showed Saudi exports exceeding prewar levels despite ongoing attacks on vessels in the Strait of Hormuz.

An analyst quoted in the piece noted the reserve release eases price pressure while Saudi barrels return to market, just via costlier, less efficient routes — a tidy way of saying the oil is flowing again, it's just taking the scenic route.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Tapping the strategic reserve to nudge prices down is a bit like a farmer selling off his seed corn because the market looked thin this week. It works for a Tuesday. Whether it works for the planting season after next is a different question nobody at the pump is asking yet.

Source: Read the original at NV → Scored: Kool Kats · Kevin MacLeod · CC BY 4.0

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