Ice Brent crude futures fell in early Asian trading because steady vessel traffic through the strait of Hormuz eased supply concerns.
The Ice front-month December Brent contract was at $96.85/bl at 04:00 GMT, down by $1.18/bl from its settlement on 30 September when it ended $1.87/bl higher.
The Nymex front-month November crude contract was at $89.16/bl, lower by $1.26/bl from its settlement on 30 September when it ended $1.04/bl higher.
Vessel traffic through the strait of Hormuz on 29 September was unchanged from the previous day, with 17 vessels transiting the strait despite heightened tensions, according to maritime security firm Windward.
Of the 17 vessels, six were inbound and 11 outbound. The inbound traffic was evenly split between Iran's preferred northern corridor and the southern, US-assisted route. Of the outbound vessels, five used the northern corridor, five used the southern route, and one transited the high-risk central route.
Two tankers and an LNG carrier were struck by unknown projectiles, all on 29 September, UKMTO said. These bring the number of attacks in the strait of Hormuz reported by the UKMTO since early July to 42.
Crude stocks increased to 427.3mn bl in the week ended 25 September, up from 426.4mn bl in the previous week.
US crude output increased by 0.7pc in July, led by gains in Texas and New Mexico, the EIA said on 30 September .
Output nationwide averaged 13.95mn b/d in July, up from 13.84mn b/d in June, according to the EIA's Petroleum Supply Monthly report.
US president Donald Trump is tempering his endorsement of a diesel export ban because of concerns that it could push up gasoline prices, as his administration raises expectations of price relief from new diesel supplies in Europe.
Ice Brent crude futures fell in early Asian trading because steady vessel traffic through the strait of Hormuz eased supply concerns.
The Ice front-month December Brent contract was at $96.85/bl at 04:00 GMT, down by $1.18/bl from its settlement on 30 September when it ended $1.87/bl higher.
The Nymex front-month November crude contract was at $89.16/bl, lower by $1.26/bl from its settlement on 30 September when it ended $1.04/bl higher.
Vessel traffic through the strait of Hormuz on 29 September was unchanged from the previous day, with 17 vessels transiting the strait despite heightened tensions, according to maritime security firm Windward.
Of the 17 vessels, six were inbound and 11 outbound. The inbound traffic was evenly split between Iran's preferred northern corridor and the southern, US-assisted route. Of the outbound vessels, five used the northern corridor, five used the southern route, and one transited the high-risk central route.
Three attacks on shipping in the strait of Hormuz were reported on 30 September by the UK Maritime Trade Organisation (UKMTO).
Two tankers and an LNG carrier were struck by unknown projectiles, all on 29 September, UKMTO said. These bring the number of attacks in the strait of Hormuz reported by the UKMTO since early July to 42.
Chinese refiners are continuing to buy prompt Middle Eastern crude through ship-to-ship (STS) transfers outside the strait of Hormuz, as soaring freight costs hit purchases from the Atlantic Basin.
Meanwhile, US crude inventories last week rose by 900,000 bl on lower refinery demand and steady production, according to Energy Information Administration (EIA) data released on 30 September.
Crude stocks increased to 427.3mn bl in the week ended 25 September, up from 426.4mn bl in the previous week.
US crude output increased by 0.7pc in July, led by gains in Texas and New Mexico, the EIA said on 30 September .
Output nationwide averaged 13.95mn b/d in July, up from 13.84mn b/d in June, according to the EIA's Petroleum Supply Monthly report.
US president Donald Trump is tempering his endorsement of a diesel export ban because of concerns that it could push up gasoline prices, as his administration raises expectations of price relief from new diesel supplies in Europe.
By Rhalain Reyes