Crude oil prices in global markets moved without direction, with WTI crude rising while Brent crude fell, as investors kept a close watch on the situation in the Middle East. As of 10:26 p.m. Thailand time, West Texas Intermediate crude for October delivery gained 0.30 dollars, or 0.29%, to 102.21 dollars per barrel, while Brent crude for November delivery lost 0.39 dollars, or 0.37%, to 104.44 dollars per barrel. Saudi Arabia has rerouted part of its crude exports through the Strait of Hormuz to compensate for the closure of the East-West Pipeline, easing market concerns that the pipeline shutdown could cause a major disruption to global oil supply. Saudi Arabia decided to increase the volume of crude available to Asian refineries through ship-to-ship transfers near the port of Sohar in Oman. Meanwhile, U.S. Energy Secretary Chris Wright said Saudi Arabia will reopen the East-West Pipeline soon after it was shut down earlier following an attack by Iran-backed militants. The U.S. Energy Information Administration reported that crude stockpiles fell by only 640,000 barrels last week, less than the 1.62 million barrels analysts had expected. In addition, U.S. gasoline and distillate inventories rose last week.
Brent fell as Saudi Arabia rerouted exports via the Strait of Hormuz and the East-West Pipeline is set to reopen, easing supply concerns.
WTI edged up but Saudi rerouting of crude exports and the expected pipeline reopening ease supply-disruption fears, leaving direction unclear.
