Oil Prices Close Slightly Higher Amid Middle East Export Recovery and Supply Concerns

International oil prices closed slightly higher on the 6th local time.

On the ICE Futures Exchange, Brent crude for December delivery settled up 0.26 percent at 100.58 dollars a barrel.

On the New York Mercantile Exchange, West Texas Intermediate (WTI) for November delivery finished up 0.01 percent at 89.44 dollars a barrel.

As supply concerns persist, the market is closely monitoring how the recent increase in crude oil exports from the Middle East and the Group of Seven (G7) agreement to release strategic petroleum reserves will impact future supply and demand.

Vitol, the world's largest independent oil trader, stated that over the past 7 to 10 days, about 12 million barrels of crude oil and 2 million barrels of petroleum products per day have been loaded onto tankers and left the Middle East.

The volume of transport through Saudi Arabia's East-West Pipeline also showed a stable trend, partially easing short-term supply concerns.

Previously, the G7 agreed to release a total of 100 million barrels of strategic reserves, including crude oil and diesel, over a four-month period.

However, military tensions continue as attacks by Yemen's Houthi rebels persist on Saudi airports and oil refineries, keeping concerns over potential supply disruptions alive.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.