Eco
Global markets witnessed notable shifts during Asian trading on Thursday, as price movements were influenced by traders interacting with current geopolitical and economic data. In this context, WTI crude futures fell by 72 cents to reach 89.70 dollars per barrel, while Brent crude futures recorded a decline of 61 cents to settle at 97.42 dollars per barrel, following previous gains achieved in the prior session of about one dollar per barrel. This varied performance comes after a month in which Brent rose by about 14% during September, while WTI increased by about 5%. Markets are currently subject to multi-sided pressures, most notably investors continuing to assess the trajectory of peace talks between Washington and Tehran, alongside clear indicators pointing to a recovery in Gulf crude supplies and exports and the resumption of tanker loading operations via Saudi Arabia's Yanbu port. In the same context, Goldman Sachs estimated total Gulf exports at about 23.3 million barrels per day during the past week, including unmonitored shipments. Conversely, supply concerns continue to form a supporting element for prices due to developments in US-Iranian talks, while markets await the upcoming OPEC+ alliance meeting next Sunday amid expectations of maintaining production levels for November without adjustment. Regarding inventory data, the US Energy Information Administration announced an increase in crude inventories by 922,000 barrels to reach 427.3 million barrels during the week ending September 25, contrary to expectations that had pointed to a decline of 264,000 barrels.
