Energy Markets
Oil prices climb as Gulf exports drop to 17.1m b/d in October
By: OrePulse
Oil prices rose on November 4 as traders shifted focus from the U.S. midterm elections to renewed concerns about supply disruption linked to the conflict in the Middle East. Brent crude reached $103.60 a barrel and U.S. West Texas Intermediate crude reached $95.98 a barrel, recovering from four-week lows.
Combined exports of crude oil, condensates and fuels from the Gulf averaged 17.1 million barrels per day in October, down from 18.9 million barrels per day in September, according to Vortexa data.
Rystad Energy said it does not expect Gulf export flows to return to normal levels soon, even if the United States and Iran were to reach an agreement.
The bank ING said the oil market continues to carry a large risk premium tied to the regional conflict.
Gulf export volumes are a closely watched gauge of regional supply and shipping activity, and traders have focused on the figures as they assess the conflict's effect on global oil markets.
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