Strong supplies pulled down Brent crude oil futures on Monday after economic data revealed one of the globe's largest oil exporters shipped the biggest amount of the energy commodity since late 2005, according to Bloomberg.
Saudi Arabia exported more crude oil in September than any month since November 2005, data released by the Joint Organizations Data Initiative states. Brent crude oil futures were driving toward a second consecutive trading session of losses.
"Supply has been more than enough to cover demand, particularly in the U.S.," chief market analyst Ric Spooner with CMC Markets in Sydney told the news source on Monday. "That, plus a diminished Middle East risk premium, has seen the supply situation being a dominant factor."
At 9:05 a.m. on Monday, West Texas Intermediate crude oil futures edged up 0.04 percent, a 4-cent rise to $93.88 per barrel. At 9:04 a.m., Brent crude oil futures fell 0.27 percent, a 29-cent drop to $108.21 per barrel.
Reuters reports the energy commodity is likely to be impacted by Iran and Western powers, which are slated to convene this week as part of the effort to address the ambitions of the Middle Eastern nation's nuclear program.
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