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WTI slips below $91 as Gulf exports offset US-Iran worries
JPMorgan data cited by the market showed Middle East oil flows averaged 17.7 barrels per day in September, about 98% of pre-war levels.
WTI crude prices pulled back on Friday, with the US benchmark trading a few cents below $91.00, after moving from Thursday's high of $92.64.
Crude's decline was driven by news of higher exports from Gulf countries, which offset concerns tied to stalled US-Iran peace negotiations, FXStreet said.
A report cited from JP Morgan indicated oil flows from Middle East countries averaged 17.7 barrels per day in September, about 98% of pre-war levels, while fuel exports averaged 3 million barrels per day, or 58% of pre-war supply.
FXStreet also pointed to rising US-Iran tensions, including reporting by The Wall Street Journal that the Pentagon is sending a third aircraft carrier with about 10,000 troops to the region, as a reason the price reversal remained limited.
Latest closeWTI crude $90.46 ▲1.2%