Crude oil traded below $91 a barrel on Monday, as markets weighed easing supply pressures against a renewed rise in geopolitical risk. Prices came under pressure after Saudi Aramco cut the November official selling price of Arab Light to Asian buyers to $5 a barrel below the regional benchmark, a steeper discount than the $2 offered for October. The move points to intensifying competition for market share as oil flows through the Strait of Hormuz normalize, while the G7’s latest emergency stockpile release is also exerting downward pressure on prices.
Nonetheless, supply concerns remain elevated. Saudi Arabia’s East–West pipeline is operating normally after reports of a new attack briefly stoked fears of another disruption. At the same time, OPEC+ has agreed to keep production quotas unchanged for next month.
