Brent drops to $108.65 as Gulf oil flows decline
Brent futures fell 1.1% to $108.65 a barrel as Gulf crude flows dropped to around 8.5 million barrels per day, according to Kpler.
Brent crude futures fell 1.1% to $108.65 a barrel at 13:25. West Texas Intermediate (WTI) crude stood at $101.41 a barrel, according to market data.
Data from Kpler showed that crude flows from Gulf countries averaged about 8.5 million barrels per day last week, compared to more than 20 million barrels per day in the previous week.
Reuters reported that at least 10 confirmed incidents involving commercial vessels were recorded in the region.
On Friday, Brent contracts reached their highest level since May 19, following a rally. The price remained near a five-month high despite the current session's drop.
What do these terms mean?
Brent Crude: A benchmark crude oil used to price most global oil shipments, especially from the North Sea.
West Texas Intermediate: An American benchmark crude used to price oil in the U.S. market.
Oil Flows: The quantities of crude transported daily from production areas to markets or refineries.
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