Crude went nowhere Friday after Thursday’s 4% December Brent crude oil futures rally. President Trump said the United States would not attack Iran before the November midterm elections. China is sending fuel exports back onto the water after Golden Week. European governments are releasing diesel reserves. And 1.3 million barrels per day of Gulf production is shut in on Hurricane Isaias. The sellers had three reasons to press. The hurricane kept them honest. December Brent crude oil futures settled the day up a penny. November WTI crude oil futures gave back less than a quarter.
Oil News: Iran Talks Ease Supply Risk as Hurricane Limits Oil Losses
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Key Points:
- Trump’s comments and Iran’s Hormuz proposal pulled some war premium out of crude prices.
- China fuel exports and European reserve releases add product supply, but diesel remains tight.
- Hurricane shut-ins keep supply risk alive as WTI and Brent hold their main uptrends.