Oil falls as supply increases
Oil prices started the week lower as crude exports from the Middle East recovered and G7 countries moved to release strategic reserves into the market.
Brent crude fell 0.65%, while US WTI crude declined by more than 1%.
The G7 decision to release up to 100 million barrels of oil and diesel from emergency reserves eased supply concerns. Crude exports from the Middle East also exceeded pre-war levels on some days in late September, adding further pressure on prices. However, the Iran war and the risk of attacks on energy infrastructure in the Gulf continue to create uncertainty in the oil market.
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