DTN Oil Update
Oil Steadies with Peace Talks, Houthi Attacks in Focus
VIENNA (DTN) -- Crude oil and product futures inched lower Tuesday morning as traders weighed renewed diplomacy hopes against supply risks posed by the latest wave of Houthi attacks on Saudi Arabia.
By 10:10 a.m. EDT, ICE Brent for December delivery was down $0.41 to trade near $115.40 a barre; (bbl), and NYMEX WTI for December delivery fell $0.18 to $101.58 bbl.
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Downstream, NYMEX ULSD for November delivery slipped $0.0585 to $4.8535 gallon, and front-month RBOB futures retreated $0.0269 to $3.1916 gallon.
The U.S. dollar index strengthened by 0.27 points to 102.07 against a basket of foreign currencies.
On Monday, mediators from the newly formed Mecca Defence Alliance (MDA) comprising Saudi Arabia, Turkey and Pakistan, met with Iranian officials in Tehran to deescalate a recently reheating conflict in the Middle East as Iran and its allies have this month markedly stepped up attacks. The result of the meeting, which Riyadh said was aimed at preventing a military reescalation, was a mutual agreement to continue talks.
Tehran-allied Houthis in Yemen on Monday claimed to have struck a pumping station along Saudi Arabia's East-West pipeline. Saudi Arabia, which was still working on restoring capacity following an attack that last month forced shut the vital crude oil artery, has so far not commented on the alleged attack.
Intensifying missile attacks on tankers in the Strait of Hormuz, meanwhile, have worsened the supply disruption. Ship tracking data show that crude oil exports from the Persian Gulf have been slipping continuously throughout October, from around 90% of ante-bellum levels at the beginning of the month to 65% last week.
This week, market participants will be on the lookout for results of Israel's general election taking place Tuesday, and on the FOMC's latest interest rate decision to be announced at the end of a two-day meeting on Wednesday.
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