Brent crude slips below $90 per barrel

By Al Mayadeen English
Source: Agencies
3 Oct 2023 11:55
1 Shares

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

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.

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.