Oil prices traded near their lowest level in almost five weeks ahead of the release of new weekly data on U.S. commercial crude inventories. U.S. West Texas Intermediate WTI crude futures were down 55 cents, or 0.8 percenta at 68.62 USD per barrel. International Brent crude oil futures were at 78.64 USD per barrel. It´s 1.5 percent lower from their last close.
The Brent oil price on Monday dropped below 80 USD a barrel after Saudi Arabia said it plans to increase mining to a record 11 million barrels per day. With this step, he wants to compensate for a drop in supplies from elsewhere, for example from Iran, whose exports of oil the US plans to impose sanctions in two weeks.US sanctions on Iran will enter into force on November 4.
Amid the worsening crisis surrounding the murder of Saudi Arabian journalist Jamal Khashoggi, Energy Minister Khalid Falih told TASS that his country is not going to impose an oil embargo on the Western countries as in 1973. Oil and politics will separate. Conversely, it will concentrate on increasing extraction to compensate for supply outages in the world.