The price of Brent crude oil fell below $100 per barrel
The price of Brent crude fell below the psychological threshold of $100 per barrel for the first time since September 9. At its intraday low, the price was down 4.7% at $98.98. The price of U.S. WTI crude oil fell 6%.
Prices fell due to a partial resumption of supplies from Saudi Arabia and investors' hopes for diplomatic progress in the U.S.-Iran conflict ahead of the UN General Assembly, which will take place this week in New York, Reuters reports.
Saudi Aramco loaded about 14 million barrels of crude oil onto seven supertankers on Sunday, September 20, Reuters reported, citing data from TankerTrackers.com. This indicates that the kingdom has increased shipments in the Persian Gulf after attacks on its pipeline disrupted supplies through the Red Sea, the agency notes. Expectations oflargevolumes pushed global oil prices lower, it said. A Saudi Aramco spokesperson declined to comment to Reuters.
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