Oil Prices Drop as Concerns Over Saudi Supply Disruptions Ease
Crude oil prices fell around 2% on Friday, September 18, extending a three-day losing streak due to reduced concerns over potential supply disruptions from Saudi Arabia. By early morning GMT, Brent crude futures had dropped $2.14 (or 2%) to $102.68 per barrel, while US West Texas Intermediate (WTI) fell by $1.83 (or 1.8%) to $100.08/bbl. Earlier in the week, prices had risen nearly four months' high after reports of suspended crude loadings at Saudi Arabia's Red Sea hub and canceled deliveries following a pipeline attack. However, market anxiety eased as Saudi authorities reported efforts to restore half of their damaged East-West oil pipeline within days. Meanwhile, tensions between Saudi forces and Yemen’s Houthis continued with recent airstrikes on both sides. Chinese refined product exports rose 12.7% year-on-year in August, including a record high for jet fuel shipments. Additionally, an Iranian navy report indicated that a Togo-flagged oil tanker caught fire after being struck near the Strait of Hormuz.
Topics: crude prices oil Saudi Arabia supply concerns