The downward pressure follows an International Energy Agency report forecasting a larger global oil surplus alongside U.S. Energy Information Administration data confirming rising crude and fuel inventories. Market participants now anticipate that Washington will favor economic sanctions and oil blockades over military action to address the conflict involving Iran. Meanwhile, crude benchmarks slipped further, with Brent falling to $95.77 a barrel and West Texas Intermediate dropping to $88.57 a barrel. However, ongoing security incidents near vital transit corridors still pose latent risks to regional crude flows.
Key points
Growing global supply reserves are currently overriding geopolitical conflict concerns to…: Growing global supply reserves are currently overriding geopolitical conflict concerns to drive oil benchmarks downward.
Expectations of United States economic sanctions and oil blockades have reduced the antic…: Expectations of United States economic sanctions and oil blockades have reduced the anticipated likelihood of military escalation.
Sustained militant attacks on Saudi Arabian energy infrastructure and tanker corridors co…: Sustained militant attacks on Saudi Arabian energy infrastructure and tanker corridors continue to present underlying supply risks.
Sources checked by our analysis pipeline: 1
By Erwin Seba
HOUSTON, Nov 13 (Reuters) - Oil prices sagged on Friday, set for a second straight weekly decline, as signs of a growing global supply surplus weighed on the market and Washington's focus on blockading Iran while ramping up other economic pressures allayed fears of renewed hostilities in the nine-month war.
Brent futures were down 5 cents, or 0.05%, to $95.77 a barrel at 11:46 a.m. CDT (1746 GMT). US West Texas Intermediate futures fell 17 cents, or 0.19%, to $88.57 a barrel.
For the week, Brent and WTI were both on track for a drop of around 2%. The benchmarks fell 16% and 13%, respectively, last week.
With lower geopolitical risk from the US-Israeli war against Iran and the release on Friday of an International Energy Agency report pointing to a rise in the global oil surplus, the market is going through a major shift.
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