Brent around $70 lowest since February after Ras Tanura restart
Business
Oil prices just took a dive, with Brent crude dropping to around $70 a barrel, the lowest since February.
This comes after Saudi Arabia restarted major exports from its Ras Tanura terminal, pushing output close to prewar levels.
With steady shipments from the Gulf and through the Strait of Hormuz, there is growing talk of too much oil flooding the market.
UAE exports top 3.9 million bpd
The United Arab Emirates is also back to full-speed exports, sending out more than 3.9 million barrels a day, while Hormuz flows are topping 10 million barrels daily.
Analysts say all this extra oil could make pricing even tougher, especially since global demand has not really bounced back yet.
But for now, oversupply is keeping prices under pressure.