Oil falls 2.5% as Middle East exports rebound in September
Oil prices slid 2.5% on Tuesday, with Brent crude dropping to $102.59 and US WTI falling to $89.38 per barrel.
This drop comes as the Middle East bounces back with crude exports rebounding in September to 16.328 million barrels per day, even though tensions around the U.S.-Israeli conflict with Iran continue.
Still, Brent is set for a strong 13% monthly gain, and US WTI is up 4% for September.
Saudi Arabia reopens pipeline raising exports
Middle East oil exports hit 16.328 million barrels a day in September, thanks mainly to Saudi Arabia reopening its key pipeline.
On the flip side, US diesel futures climbed 2.6%, offsetting falling European prices.
The White House is also nudging the European Union to draw down diesel emergency inventories, and possible rule changes in the US could make cheaper red-dyed diesel more available, which might help ease fuel costs down the line.