DTN Oil Update
Oil Futures Halt Sell-Off, Rebound from Two-Month Lows
VIENNA (DTN) -- Oil prices rose Wednesday morning after conflicting signals about the latest diplomatic efforts to end the U.S.-Iran war pumped the brakes on a two-day sell-off.
By 09:55am EST, ICE Brent for January delivery was up $1.80 to trade near $93.29 a barrel of crude oil (bbl), and NYMEX WTI for December delivery rose $1.59 to $87.63 bbl.
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Downstream, NYMEX ULSD for December delivery advanced $0.1270 to $4.2579 gallon, and front-month RBOB futures inched up $0.0126 to $2.6214 gallon.
The U.S. Dollar Index strengthened by 0.715 points to 102.845 against a basket of foreign currencies.
Senior Iranian officials denied that they were willing to move any amount of enriched uranium out of the country, rebuking a reported key detail from Tehran's alleged proposal presented by Qatari mediators to the White House on Monday that had fueled the steep drop in oil prices.
Statements from Moscow, meanwhile, dampened hopes of a near-term diplomatic settlement of the Ukraine war. Following the first U.S.-brokered talks between the two sides in Abu Dhabi on Tuesday, senior officials said that the Kremlin's position has not changed compared to previous sit downs, adding that it was too early to assess the meeting that U.S. mediators had called "exploratory."
The plunge in oil prices so far in November was driven by hopes of deescalation rather than concrete signs of diplomatic progress. Iranian attacks on tankers in the Strait of Hormuz, in fact, have continued near last month's record clip, as did Houthi attacks on Saudi Arabian oil infrastructure. On Tuesday, the Yemeni rebel group again launched missiles at pumping stations along the East-West pipeline.
Yet, intensifying Iranian strikes on commercial vessels in the Persian Gulf seemed to have done little to disrupt crude oil supply. According to OPEC's newest monthly oil market report published Wednesday, the group's output soared by 2 million barrels per day (bpd) in October to the highest since the beginning of the conflict. The rebound was spearheaded by Saudi Arabia, Kuwait and Iraq, three countries whose production and export levels hinge heavily on free access to the waterway.
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