\n
<\/p>\n
SINGAPORE: Oil prices slipped on Monday on expectations of more Russian supplies after US President Donald Trump said Ukraine \u200cand Russia had agreed to halt attacks on each other\u2019s energy facilities following a US diesel-supply deal with Moscow.<\/p>\n
Brent crude futures fell $1.54, or 1.47 percent, to $103.18 a barrel by 04:54 a.m. Saudi time while US West Texas Intermediate crude was at $90.31 a barrel, down $1.54, or 1.68 percent.<\/p>\n
ICE gasoil futures fell 3 percent to $1,436 per metric ton after President Trump said on \u200bFriday that Russia will immediately supply<\/u> more than 300,000 metric tonnes (2.25 million barrels) of diesel to US and global markets.<\/p>\n
Russia would supply \u200banother 500,000 tonnes in November and a further 1 million tonnes \u201cimmediately thereafter,\u201d Trump added. The daily diesel consumption \u2060globally is forecast at close to 29 million barrels, according to the International Energy Agency.<\/p>\n
Trump also unexpectedly announced on Sunday that Ukraine and \u200bRussia had agreed to an energy ceasefire<\/u>, but Ukrainian leader Volodymyr Zelenskiy said he was still waiting to see details of the energy ceasefire while \u200bRussia did not comment.<\/p>\n
The announcements eased some of the immediate supply pressure, Tim Waterer, KCM Trade chief analyst, said.<\/p>\n
\u201cQuestions remain over the validity and longevity of any such ceasefire, and without clearer evidence that it will actually hold, the extent of the pullback is likely to stay limited,\u201d he added.<\/p>\n
IEA\u2019s Executive Director Fatih Birol said on \u200bSunday that all members should assess whether additional diesel releases are necessary and that countries which have not yet fully delivered pledged volumes accelerate their \u200bremaining releases prioritising diesel.<\/p>\n
Crude supported by Middle East Conflict <\/strong><\/p>\n However, the Middle East conflict continued to support Brent crude at above $100 a barrel.<\/p>\n The Houthis claimed responsibility for a Saturday \u200cstrike<\/u> on \u2060Riyadh\u2019s international airport that killed 13 people and wounded more than 300, while Saudi authorities reported that people were injured in a new attack on the airport on Sunday.<\/p>\n US President Donald Trump said on Saturday the US was considering joining Saudi strikes on the Houthis in the conflict, a spillover from the wider war with Iran that the US and Israel launched in February.<\/p>\n In addition, more attacks<\/u> on tankers sailing through \u200bthe Strait of Hormuz have been \u200breported so far this month, \u2060threatening to dampen a recovery in Middle East crude exports seen in September.<\/p>\n A tanker was struck by a drone in the vicinity of Sohar anchorage, Oman, while another was damaged by an unknown projectile while transiting the \u200bStrait of Hormuz, the UK Maritime Trade Operations reported over the weekend.<\/p>\n Goldman Sachs raised its Brent \u200bcrude price forecast \u2060for December to $90 a barrel, up from $85 previously, its analysts led by Daan Struyven said in a note.<\/p>\n \u201cWe maintain our base case that continued adaptation of Mideast supply will eventually reduce crude oil prices, while potential renewed escalation still poses significant net upside risk,\u201d the analysts said, estimating a risk \u2060premium of \u200bjust over $20 a barrel.<\/p>\n \u201cWe forecast WTI prices, which are unusually low vs Brent because \u200bof high US-Europe shipping costs, to average $81 in December 2026 and $73 in 2027,\u201d they added.<\/p>\n In the Gulf of Mexico<\/u>, energy majors Shell, Chevron and BP were seeking to redeploy personnel \u200band restore production at their platforms after Hurricane Isaias made landfall early on Saturday.<\/p>\n<\/div>\n