Brent Crude Hits $98 as Gulf Flows Rise but War Risk and Drawdowns Tighten Buffers
Updated
Updated · The New York Times · Oct 1
Brent Crude Hits $98 as Gulf Flows Rise but War Risk and Drawdowns Tighten Buffers
1 articles · Updated · The New York Times · Oct 1
Summary
$98 Brent on Wednesday showed traders still pricing oil near $100 a barrel even as Persian Gulf exports climbed to their highest since the war with Iran began.
Traders have shifted from expecting a durable peace deal to fearing hostilities could restart, lifting the value of December-dated crude despite stronger current supply.
U.S. and other countries have been drawing down oil stockpiles to cover the supply-demand gap, leaving smaller global buffers against any new disruption and supporting prices.
China is also buying more oil after cutting imports soon after the war started, adding demand at a time when the market remains focused on conflict risk.