🔺Oil prices fall as Middle East exports rise and Group of Seven reserves are released

🔺Oil prices fall as Middle East exports rise and Group of Seven reserves are released

▪Oil prices edged lower on Monday as higher Middle East crude oil exports and the release of emergency reserves by Group of Seven countries increased supply.

▪The Brent crude oil futures contract fell by 66 cents, or 0.65%, to $101.59. U.S. West Texas Intermediate also dropped by 95 cents, or 1.03%, trading at $90.12.

▪On Friday, Group of Seven countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to avoid limits on energy exports. The agreement was reached after pressure from Donald Trump.

▪Saudi Aramco also reduced its official selling price of oil to Asia for next month, contrary to expectations.