The price of Brent crude oil in the global market reached $96.92 per barrel, indicating a 1.1% decrease compared to the previous day. Additionally, West Texas Intermediate (WTI) crude oil in the U.S. has also decreased by 1.4% to $89.18 per barrel.
Oil Price Trends in September
On Wednesday, both oil indices saw an increase of about one dollar per barrel. Brent oil recorded an approximate 14% increase in September, marking the highest rise since July. Meanwhile, West Texas Intermediate oil experienced about a 5% monthly price increase.
Read more: Brent Oil Price Decreases by 1.1% to $96.92
Factors Influencing the Decrease in Oil Prices
Swagandha Sachdeva, founder of the research firm "SS Wealth Street" based in New Delhi, stated that the resumption of oil shipments from the Gulf region and the restart of Saudi exports through the Yanbu port, along with the increase in U.S. oil inventories, have alleviated supply concerns and contributed to the downward trend in oil prices.
Reports indicate that Saudi Arabia has resumed loading tankers from the Yanbu port after restarting operations on the "East-West" pipeline. However, regional flows remain below pre-U.S. and Israeli military intervention levels in Iran. According to Kepler data, Middle Eastern exports in September are still about 3.2 million barrels per day lower than February levels.
In this context, the U.S. Energy Information Administration announced that the country's crude oil inventories increased by 922,000 barrels to 427.3 million barrels in the week ending September 25. This comes as analysts had predicted a decrease of 264,000 barrels in inventories.
Despite the increase in crude oil inventories, U.S. gasoline stocks decreased by 1.7 million barrels, and distillate fuel inventories (including diesel and heating oil) also fell by 2.3 million barrels. This data is released as Donald Trump, the President of the United States, has mentioned considering a ban on diesel exports from the country.
OPEC+ Meeting Forecast
Two informed sources have indicated the likelihood of maintaining OPEC+ oil production targets at next Sunday’s meeting. This comes as diesel prices in the U.S. reached a record $6.53 per gallon last week, while inventory levels remain at their lowest historical point.
Read more: Trump Confirms the Impact of Diesel Export Ban on Gasoline Prices · Increase in Oil Prices Due to Pressure on Global Markets
