Oil tanker count on the increase as Middle-East shipments increase - FILE PHOTO
Oil prices extended their four-session decline on Tuesday as improving supply flows from the Middle East and renewed diplomatic efforts to end the US-Iran war eased concerns over prolonged disruptions.
Brent crude traded near US$100 a barrel, while crude oil was around US$92, as the market responded to signs that supplies through the Strait of Hormuz were continuing despite the conflict.
Saudi Arabia moved about 2.9 million barrels of crude a day through the Strait of Hormuz over the past six days, while satellite images showed supertankers with a combined capacity of about 14 million barrels at Saudi Arabia's Gulf export terminals over the weekend.
The tanker count was the highest observed since at least June, indicating that oil flows were continuing despite the conflict.
US President Donald Trump is scheduled to address the United Nations General Assembly in New York on Monday and could meet Iranian President Masoud Pezeshkian on the sidelines.
comments powered by Disqus
All feeds
