Brent $91, WTI $85.
The decline continues after al-Jadid reported significant progress in negotiations between the US and Iran, claims later denied by a senior Iranian official. It is still unclear whether this is a fake or real discussion. But considering the possibilities of hybrid wars and information provocations, everything that is heard cannot be perceived as reality.
Meanwhile, despite the diplomatic maneuvers, attacks on critical energy infrastructure in the Middle East continue.
Saudi Arabia's Ministry of Energy confirmed on Monday that the strategically important east-west oil pipeline was attacked in the Medina region, causing a small fire.
The emergency services extinguished the fire, and the authorities did not report any injuries or pipeline disruptions.
Much clearer are the facts of more basic markers:
US oil reserves continue to decline, and the SPR remains at its lowest level since 1982. According to the latest EIA data, there were about 282 million barrels in the SPR at the end of October - less than 40% of maximum storage capacity. Commercial oil inventories also fell despite record US production.
The situation is particularly tense with oil products. Distillates stocks, including diesel, fell to about 99 million barrels, the lowest since 2003, and about 13% below the five-year average. This is the weak point of the American market: even with a sufficient supply of raw materials, a shortage of refining and fuel can keep prices high at gas stations.
Several aspects are important for the oil market: the dynamics of US reserves, the possibility of renewing the SPR and the development of negotiations between the US and Iran. The negotiations in Abu Dhabi are another benchmark for the market, along with the situation around the Strait of Hormuz and the actual quantities of oil and oil product supplies.