More Oil Supply From Saudi Arabia Eases Crude Prices

Oil prices declined on Monday as traders assessed signs that Saudi Arabian oil exports were recovering despite continued attacks and tensions in the Middle East. Reuters reported that Saudi exports had recovered to more than 4 million barrels per day in September after falling to around 2.4 million barrels per day in August. Satellite data also indicated that Saudi oil flows through the Strait of Hormuz had increased. These developments helped push Brent crude lower by around 2%, although uncertainty remains because shipping activity through the Strait was still significantly below previous levels. The decline in oil prices provided some support to equity markets by reducing immediate concerns about further inflationary pressure.