Oil edges lower, Brent below $94

Oil drilling rigs

Oil prices edged lower today, Sept. 15, after the Energy Information Administration (EIA) report showed a rise in US crude stocks last week and amid fears of an increase in supply.

Brent crude fell 0.29% to $93.81 a barrel, at 9:14 am Makkah time, while West Texas Intermediate (WTI) was down 0.11% at $88.36 a barrel.

Venezuelan President Nicolas Maduro on Sept. 14 said his country is “ready” to supply the global oil and gas market, in light of the current energy crisis.

Meanwhile, the US Department of Energy said its plan to restock the nation’s emergency oil supply does not include a trigger price, and that such purchases are not likely to occur until after 2023, contrary to previous reports that the US administration is discussing buying oil if prices falls below $80/barrel.

On the other hand, the consulting company Oil Chem said the Chinese Ministry of Commerce may provide a fuel export quota of 1.5 million tons, as it allocates a fourth batch to increase the country's exports, which have declined over the past period and contributed to raising fuel prices.