Oil settles near $100 as supply gains meet Gulf risks

Oil prices settled near $100 a barrel on October 6 as increased Middle East exports and a planned release of emergency reserves eased some supply concerns, while conflict and shipping risks continued to support prices. Brent crude futures settled up 26 cents, or 0.3%, at $100.58 a barrel, and U.S. West Texas Intermediate rose one cent to $89.44, according to market data reported that day. The settlement followed an earlier decline. In a separate early trading update on October 6, Brent was reported at $100.28 and WTI at $89.33. On the morning of October 7, Brent was quoted at $104.74 at 7:15 a.m. Eastern time, up $3.31 from the previous morning. These are observations from different times and price measures, rather than directly comparable settlement prices. Traders weighed signs of recovering regional supply against the risk that attacks or disruptions could interrupt production and transport. Shipping data showed Middle East crude exports exceeded prewar levels on four days during the last week of September.