Oil eases as G7 stock release, rising Gulf exports weigh

Oil prices fell on Monday as rising Middle East exports and a G7 stock release eased supply fears. Brent crude dropped 72 cents to $101.59 a barrel, while US crude fell $1.05 to $90.05.
The pullback follows Friday’s G7 decision to release 100 million barrels of diesel and crude from emergency reserves over four months. The group also pledged to avoid energy export restrictions after pressure from US President Donald Trump.
Shipping data showed Middle East crude exports rose above pre-war levels on four of the seven days in the final week of September. This happened despite attacks on tankers passing through the Strait of Hormuz.
The decline offset weekend tension. Yemen’s Houthis claimed missile and drone attacks on Saudi Aramco sites in Riyadh and the Khurais area. They said it was retaliation for about 50 Saudi-led strikes in Yemen. Saudi Arabia has not confirmed the attacks.
Saudi Aramco unexpectedly cut its November crude prices for Asian buyers to six-year lows, a possible bid to regain market share.
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