Oil prices slip as Middle East supplies ease market fears

Summary

• Oil prices fell on Monday as rising crude exports from the Middle East and a planned release of emergency oil stocks by G7 countries eased concerns over supply shortages.
• Middle Eastern crude exports also increased despite continued attacks on commercial vessels in the Strait of Hormuz.
• Analysts said the return of higher Saudi oil exports was also helping calm supply concerns, although transporting crude has become more expensive and less efficient because of security risks in the region.

AI Generated Summary

Oil prices fell on Monday as rising crude exports from the Middle East and a planned release of emergency oil stocks by G7 countries eased concerns over supply shortages.

Brent crude futures declined 66 cents, or 0.65%, to $101.59 a barrel, while US West Texas Intermediate crude dropped 95 cents, or 1.03%, to $90.12 a barrel.