Oil Prices Drop Below $100 as Saudi Pipeline Restarted
Oil prices fell sharply on Wednesday with Brent crude dropping below $99 per barrel and WTI trading near $89 per barrel. The decline was attributed to expectations of increased supply, particularly after Saudi Arabia restarted operations at its East-West pipeline, which could soon resume exports from the Yanbu terminal. In other commodity news, Chinese gold imports rose 39.3% year-on-year in August, reaching a record high for the first eight months of the year with total imports hitting 1,141.2 tonnes. Meanwhile, Ukraine's grain and legume harvest reached 33 million tons as of September 22, up 10% from last year.
Topics: Brent crude oil prices Saudi Arabia pipeline restart WTI