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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Brent crude slips below $90 per barrel

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Oct 2023 11:55
  • 1 Shares
2 Min Read

Global oil prices have taken a significant downturn on Tuesday, registering a decrease of over 0.7%.

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  • A worker stands across a pumpjack operating in the desert oil fields of Sakhir in southern Bahrain. (AFP)
    A worker stands across a pumpjack operating in the desert oil fields of Sakhir in southern Bahrain. (AFP)

Global oil prices declined Tuesday by more than 0.7%, with Brent crude dropping below $90 per barrel, marking its first dip below this level since September 8, according to the most recent trading data.

At 01:57 GMT, the cost of Brent crude December futures dropped by 0.77%, reaching $89.73 per barrel, falling below the $90 per barrel threshold for the first time since September 8. In the same timeframe, November WTI futures were down by 0.9% at $87.91.

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A flashback

During the past three months, oil prices have risen over 30 percent since Saudi Arabia and Russia led a production cut announced by OPEC+.

Since mid-September, US oil inventory was drained by 2.2 million barrels - compared to analysts' expected 320,000 - as revealed by the Weekly Petroleum Status Report of the US Energy Information Administration (EIA). Crude stocks are now at 416.3 million barrels.

Alongside drops in crude stocks leading the headlines, the EIA noted a loss of 943,000 barrels last week at the Cushing, Oklahoma, hub, which acts as a primary distribution and storage point for US petroleum. The crude-watch institution reported a 2.064 million barrel Cushing shortfall for the previous week.

Read more: Germany buys Russian oil from India: Reports

  • Russia
  • OPEC+
  • Brent crude oil
  • Oil prices
  • Saudi Arabia

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