International oil prices fell to as low as $87 on Tuesday after supply levels suddenly returned to pre-war levels.
Independent data collectors based in the Gulf and Eastern Europe reported that Iran oil exports remain low while Saudi Arabia, Iraq and secondary suppliers reported up to 7 million barrels per day in the past few days.
At the time of press, Western Texas Intermediate (WTI) dropped to $86, down by $2 or 2 percent. Brent was down by $2 or 1.8 percent to $98. UAE crude currently used by Pakistan fell near $103 in the last 12 hours.
The recovery has helped keep more crude moving despite continued security risks around the Strait of Hormuz. On several days in late September, Gulf crude flows even exceeded pre-war levels by up to 91 percent.
Still, long-term normalcy is not guaranteed.
Refined fuel exports remain much weaker at around 60 percent.
This means the pressure on diesel and other refined fuels could remain even as crude supply improves. Shipping risks in the region also continue to keep a geopolitical premium in oil prices.
The post International Oil Prices Crash Again appeared first on ProPakistani.
