Crude oil futures ended lower on Wednesday, marking its lowest level in over a month, amid signs of easing Middle Eastern supply risks. Saudi Arabia cut official selling prices for its flagship crude grade to $5 below the regional benchmark as tankers were able to depart the Persian Gulf with full cargoes. Evidence of a pickup in export volumes from regional OPEC+ producers coincided with reports that US and Iranian officials were holding talks with regional authorities this week.
Benchmark crude oil futures for November delivery declined by $1.16 or 1.30% to settle at $88.28 a barrel on the New York Mercantile Exchange. Brent crude for December delivery fell $0.38 or 0.38% to settle at $100.20 a barrel on the New York Mercantile Exchange.