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WTI slips near $88.60 amid G7 reserve release and higher Middle East supply
The G7 plans to release 100 million barrels of diesel and crude from emergency reserves, adding to supply that has risen above pre-war levels in four of the last week of September.
WTI, the US crude benchmark, was trading around $88.60 in early Asian trading on Tuesday, with selling pressure tied to higher supply expectations, according to FXStreet.
The outlet cited rising Middle East crude exports and a Group of Seven plan to release emergency oil supplies as drivers of the move. On Friday, the G7 agreed to release 100 million barrels of diesel and crude from reserves and pledged to avoid energy export restrictions, after pressure from US President Donald Trump.
FXStreet also pointed to data showing Middle East crude exports climbed above pre-war levels in four of the seven days of the final week of September.
The story further notes that Trump signed an executive order late Monday to ease restrictions on the use of a tax-exempt variety of diesel, which Bloomberg reported would effectively waive an off-road requirement and allow tax-free red-dyed diesel for any reason.
Latest closeWTI crude $89.70 ▼1.6%