Oil is little changed in Asian trade, with Brent crude futures holding above the psychologically-important $100-a-barrel level despite ship tracking data showing a significant uptick in Middle Eastern oil exports nearing pre-war levels, according to Commonwealth Bank of Australia’s Vivek Dhar.
The rise in Middle Eastern exports, combined with lower Chinese imports and non-OPEC+ oil supply growth, should create oversupplied conditions in crude oil markets, Dhar notes. However, the market’s hesitation to price in oversupply appears justified, as traders likely view the current export surge as unsustainable.
Front-month WTI crude-oil futures fell 0.1% to $89.32 a barrel, while Brent remained flat at $100.35 a barrel.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing