Crude Oil Pares Losses After Slumping to One-Month Low on Saudi Price Cut, G7 Release

Crude oil for November was down $0.18, or 0.2 percent, at $89.25 a barrel on Tuesday, recovering from an intraday plunge of as much as $2.57, or 2.9 percent, to $86.86 — its lowest level in a month. The early selloff followed a 3.7 percent drop over the two previous sessions, pressured by reports that Middle East crude exports are recovering toward pre-war levels, Saudi Aramco's unexpected cut to November official selling prices for Asia by the widest margin in six years, and the G7's announcement of a 100-million-barrel emergency stock release. Selling pressure eased during the session on lingering supply-disruption concerns tied to the conflict between Saudi Arabia and Iran-backed Houthi forces in Yemen. The Houthis claimed Monday they attacked several sites in Saudi Arabia, including King Khalid International Airport in Riyadh; Saudi officials have not confirmed the attacks.