Crude oil prices in Asia are falling due to an increase in supplies from such distant countries as the U.S. and Brazil, which are serious competition for Middle Eastern producers, Reuters reported.

Buyers in North Korea, India and China bought significant volumes of U.S. crude in August, more than 20 million barrels, with delivery mostly in November. This is reported by traders who took part in these operations. In addition, they bought some oil from the North Sea and Brazil.

The change in oil consumption patterns further complicates the situation on the global oil market, while Russian oil supplies to China and India increased after the start of the special operation in Ukraine. At the same time, the rate of oil exports from the U.S. reached a record level, also due to the sale of oil from strategic reserves. Europe, on the other hand, is expected to tighten restrictions imposed on Russian energy consumption.

WTI oil futures are trading at a significant discount to the Oman/Dubai price marker. Therefore, oil prices in Asian distributors are rising.

Brent crude futures hit a multi-month low in August as traders assessed supply prospects for the rest of the year. The fall in quotations was also conditioned by growing concerns over a possible slowdown in the global economy. The possibility of Iranian oil returning to the world market was also negatively reflected in prices.

Earlier, our website reported that exchange prices are recovering.