Ice Brent crude futures fell in early Asian trading on the prospect of ample supplies after Saudi Arabia offered more crude to refiners in Europe.
The Ice front-month December Brent contract was at $105.15/bl at 04:00 GMT, down by 77¢/bl from its settlement on 15 October when it ended 14¢/bl lower.
The Nymex front-month November crude contract was at $97.14/bl, lower by 83¢/bl from its settlement on 15 October when it ended $2.88/bl higher.
Aramco has historically supplied European customers exclusively through term contracts. But several refiners in the region saw their September and October term allocations severely delayed or cancelled following disruptions to Red Sea shipping and the 10 September attack on Saudi Arabia's 7mn b/d East-West Pipeline.
US crude stocks fell by 8.6mn bl last week to 415.6mn bl, the Energy Information Administration (EIA) said on 15 October, after a hurricane curtailed offshore production, imports dropped and refinery demand rose.
Stocks in the US Gulf coast fell by 9.2mn bl to 234.4mn bl, the largest draw among the EIA's five regions as Hurricane Isaias prompted operators in the US Gulf of Mexico to shut in production.
US sanctions enforcers on 15 October announced sanctions against banks in Iraq and Cuba over their alleged role in acting as financial intermediaries for Iran-based companies.
The Iraq-based International Development Bank for Investment and Finance allegedly provided "financial services and US dollar access for Iran", the US Treasury Department said. Cuba's Banco Internacional de Comercio (Bisca) provided services for Iran-based Karafarin bank, according to the State Department.
The Iraqi and Cuban banks are the latest targets of the US' effort to sever Iran's financial links to the rest of the world. The Treasury previously announced sanctions against the UAE branch of a major Egyptian bank and a small Turkey-based bank.
Spain has authorised the release this month of a further 4.4mn bl of the 11.55mn bl of strategic oil product reserves that it had agreed to contribute to the IEA's hydrocarbon stocks release plan to address supply disruptions.
The release adds to 3.74mn bl of middle distillates, gasoline and fuel oil that were released in March and April under the agreement signed by Spain with IEA members in March, which covered the release of 9mn bl of middle distillates, 2.2mn bl of gasoline and 297,000 bl of fuel oil.
Ice Brent crude futures fell in early Asian trading on the prospect of ample supplies after Saudi Arabia offered more crude to refiners in Europe.
The Ice front-month December Brent contract was at $105.15/bl at 04:00 GMT, down by 77¢/bl from its settlement on 15 October when it ended 14¢/bl lower.
The Nymex front-month November crude contract was at $97.14/bl, lower by 83¢/bl from its settlement on 15 October when it ended $2.88/bl higher.
State-controlled Saudi Aramco has begun offering prompt spot crude cargoes to refiners in Europe, said traders, adding to a glut of Mideast Gulf supply in the region.
Aramco has historically supplied European customers exclusively through term contracts. But several refiners in the region saw their September and October term allocations severely delayed or cancelled following disruptions to Red Sea shipping and the 10 September attack on Saudi Arabia's 7mn b/d East-West Pipeline.
US crude stocks fell by 8.6mn bl last week to 415.6mn bl, the Energy Information Administration (EIA) said on 15 October, after a hurricane curtailed offshore production, imports dropped and refinery demand rose.
Stocks in the US Gulf coast fell by 9.2mn bl to 234.4mn bl, the largest draw among the EIA's five regions as Hurricane Isaias prompted operators in the US Gulf of Mexico to shut in production.
US sanctions enforcers on 15 October announced sanctions against banks in Iraq and Cuba over their alleged role in acting as financial intermediaries for Iran-based companies.
The Iraq-based International Development Bank for Investment and Finance allegedly provided "financial services and US dollar access for Iran", the US Treasury Department said. Cuba's Banco Internacional de Comercio (Bisca) provided services for Iran-based Karafarin bank, according to the State Department.
The Iraqi and Cuban banks are the latest targets of the US' effort to sever Iran's financial links to the rest of the world. The Treasury previously announced sanctions against the UAE branch of a major Egyptian bank and a small Turkey-based bank.
Spain has authorised the release this month of a further 4.4mn bl of the 11.55mn bl of strategic oil product reserves that it had agreed to contribute to the IEA's hydrocarbon stocks release plan to address supply disruptions.
The release adds to 3.74mn bl of middle distillates, gasoline and fuel oil that were released in March and April under the agreement signed by Spain with IEA members in March, which covered the release of 9mn bl of middle distillates, 2.2mn bl of gasoline and 297,000 bl of fuel oil.
By YouLiang Chay