Crude oil stays below $90 after sharp previous-session decline

  • Crude oil remained below $90 per barrel after a sharp previous-session decline.
  • Middle East exports averaged 17.5 million barrels daily, reaching 98% of pre-war levels.
  • US plans to release up to 40 million barrels from the SPR.

Crude oil remained below $90 per barrel on Wednesday after a sharp decline in the previous session, as improving Middle East energy flows and a planned US release of up to 40 million barrels from the SPR (Strategic Petroleum Reserve) eased supply concerns. The 10-day average of Middle East crude exports recovered to 17.5 million barrels per day, or 98% of pre-war levels. Saudi Arabia resumed exports through its East-West pipeline at about half capacity, while oil continued moving through the Strait of Hormuz via covert shipping. US crude inventories also rose by 1 million barrels last week. Despite those developments, the US oil benchmark remained on track for a third consecutive monthly gain amid the prolonged US-Iran conflict and widespread supply disruptions.

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