WASHINGTON (dpa-AFX) - After extending their recent slump early in the session, the price of crude oil has regained ground over the course of the trading day on Tuesday.
Crude oil for November was last seen trading down $0.18 or 0.2 percent at $89.25 a barrel after plunging by as much as $2.57 or 2.9 percent to a low of $86.86 a barrel.
The price of crude oil initially extended the steep drop seen over the two previous sessions, when prices plummeted by 3.7 percent. With the decrease, prices dropped to their lowest level in a month.
The early weakness came as media reports suggest Middle East crude exports are recovering toward pre-war levels despite continued risks to shipping.
As oil flows from the Middle East recover after months of disruptions linked to the Iran war, Saudi Aramco unexpectedly lowered its November official selling prices for crude oil bound for Asia by the widest margin in six years.
Additional pressure on crude oil price came from the G7 announcement of a 100-million-barrel emergency stock release.
However, selling pressure has waned over the course of the session amid lingering concerns about potential supply disruptions due to the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen.
The Houthis claimed on Monday they have carried out attacks on several sites in Saudi Arabia, including King Khalid International Airport in Riyadh, although the Saudis have not confirmed the attacks.
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