Oil Extends Losses as Supply Concerns Ease

2026-09-29 23:32 By Jam Kaimo Samonte 1 min. read

Crude oil fell below $89 per barrel on Wednesday, extending losses from the previous session as signs of improving energy flows from the Middle East and another major release of emergency reserves in the US helped ease supply concerns.

Analysts noted that the 10-day average of crude exports from the Middle East has recovered to 17.5 million barrels per day, equivalent to 98% of pre-war levels.

This comes as Saudi Arabia resumed crude exports through its East-West pipeline at around half of its capacity, while a steady flow of oil via covert shipping continues through the Strait of Hormuz.

In the US, the government plans to release up to 40 million barrels from the SPR as the country deals with soaring fuel prices.

Industry data also indicated that US crude inventories increased by 1 million barrels last week.

Still, the US oil benchmark remains on track for both a monthly and quarterly gain due to the prolonged US-Iran conflict and ongoing supply disruptions.



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