Brent crude prices tumbled to $103 a barrel on Friday, erasing gains after a volatile session and falling for a third consecutive session. Markets expect the closure of Saudi Arabia’s key pipeline to have a softer impact on supplies than initially feared. Satellite imagery suggests Saudi Arabia moved 2.8 million bpd through the Strait of Hormuz over the past six days, compared with just 700,000 bpd in August. Saudi Arabia has reportedly sold as many as 60 million barrels of crude from the Persian Gulf port of Ras Tanura for September and October loadings outside the strait through ship-to-ship transfers. Reports that Aramco expects to restore half of the pipeline’s daily flows also eased supply concerns. Still, only four commodity vessels were detected moving through Hormuz on Thursday. Volumes from Hormuz are being picked up mostly by refiners in China and South Korea. China exported 6.01 million tons of refined fuels in August, up 12.7% yearly. Brent prices fell 1.2% on the week.

Brent Slips as Saudi Supply Risks Ease

Crude oil prices tumbled below $100 a barrel on Friday, erasing gains after a volatile session and falling for a third consecutive session. Markets expect the closure of Saudi Arabia’s key pipeline to have a smaller impact on supplies than initially feared. Satellite imagery suggests Saudi Arabia moved 2.8 million bpd through the Strait of Hormuz over the past six days, compared with just 700,000 bpd in August. Saudi Arabia has reportedly sold as many as 60 million barrels of crude from the Persian Gulf port of Ras Tanura for September and October loadings outside the strait through ship-to-ship transfers. Reports that Aramco expects to restore half of the pipeline’s daily flows also eased supply concerns. Still, only four commodity vessels were detected moving through Hormuz on Thursday. Volumes from Hormuz are being picked up mostly by refiners in China and South Korea. China exported 6.01 million tons of refined fuels in August, up 12.7% yearly. Oil prices fell 0.5% on the week.

Oil Falls Below $100 as Supply Fears Ease

The Dow Jones Index dropped 95 points or 0.18 percent on Friday to close at 51683 points. Losses were led by IBM (-3.19%), Walt Disney (-2.68%) and Nike (-2.26%). Offsetting the fall, top gainers were Amgen (1.54%), Nvidia (1.33%) and Caterpillar (1.20%).

The Dow Jones Index Closes 0.18% Lower

The Ibovespa shed 0.4% to close at 185,229 on Friday following the release of IGP-M inflation data for September. Brazil’s General Price Index – Market rose 1.47% in the second preview for September, rebounding from the 0.36% deflation recorded in the same August reading. Meanwhile, oil prices were volatile as supply concerns persisted. Elevated energy costs continue to put upward pressure on inflation and, consequently, borrowing costs. Major banks moved lower, with Itaú losing 0.6% and Bradesco down 0.9%. Utilities also posted losses, with Axia shedding 2.9%. Miners traded lower despite higher Chinese iron ore prices, with Vale retreating 1.5%, CSN Mineração down 1.9%, and Usiminas losing 2.7%. Cemig fell 0.6% after JPMorgan maintained its sell recommendation on the stock. Petrobras edged 0.2% lower despite higher oil prices. The Ibovespa lost 1.1% on the week.

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Brent Slips as Saudi Supply Risks Ease

Oil Falls Below $100 as Supply Fears Ease

The Dow Jones Index Closes 0.18% Lower

Ibovespa Slips on Inflation Concerns