Crude oil extended its decline for a third straight session on Tuesday, nearing $87 a barrel—its lowest level since early September—on mounting evidence that Middle Eastern exports are recovering. Saudi Arabia’s energy minister said flows through the kingdom’s East–West Pipeline had reached 5.8 million barrels, while Reuters reported that shipments along the route had continued without interruption.
Additional data indicated that crude exports from the Middle East surpassed pre-war levels on four days during the final week of September. Bearish sentiment was further reinforced after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and committed to avoiding new restrictions on energy exports.
In a further sign of loosening supply conditions, Saudi Arabia sharply reduced the official selling price of its flagship crude grade for Asian buyers as flows improved. At the same time, OPEC+ decided to leave its production targets unchanged for November.
