Oil Updates — Crude takes a breather; Aramco to keep full oil supplies to North Asia

Oil Updates — Crude takes a breather; Aramco to keep full oil supplies to North Asia

RIYADH: Oil prices slipped on Monday, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following cuts by the Organization of Petroleum Exporting Countries and its allies, together known as OPEC+, and ahead of the EU embargo on Russian oil. Brent crude futures fell 94 cents, or 0.96 percent, to $96.98 a barrel by 07.50 a.m Saudi time, while the US West Texas Intermediate crude was at $91.78 a barrel, down 86 cents, or 0.93 percent. Both contracts touched their highest since Aug. 30 earlier in the session but gave up gains, slipping along with stocks in Asia amid thin trade with Japan and South Korea closed for public holidays. Saudi Aramco has told at least five customers in North Asia they will receive full contract volumes of crude oil in November, several sources with knowledge of the matter said on Monday. The full supply allocation comes despite a decision by OPEC+ to lower their output target by 2 million barrels per day. Saudi Energy Minister Abdulaziz bin Salman had said the real supply cut would be about 1 million to 1.1 million bpd. Analysts expect Saudi Arabia, the UAE