Oil prices fall 1% on hopes of limited supply disruptions
- On Friday, oil prices fell about 1% but remained above $100 a barrel as investors weighed reports that Saudi Arabia is finding alternate ways to reach global markets, easing supply concerns.
- Tensions escalated Thursday as Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes, while damage to three East-West pipeline pumping stations continues to constrain supply, threatening up to 4 per cent of global oil capacity.
- To offset pipeline disruptions, Saudi Arabia is using ship-to-ship transfers off Oman's Sohar port, and Energy Secretary Chris Wright told CNBC on Tuesday that crude should be flowing through the pipeline within days.
- European gasoil futures hit record highs Tuesday as regional infrastructure remains exposed, with tightening diesel supplies and a Thursday drone attack on a refinery in Yaroslavl, Russia, adding market pressure.
- The Middle East conflict will come up for discussion at the United Nations General Assembly next week, while JPMorgan analysts noted Thursday that they lack a clear baseline view for oil markets.
18 Articles
18 Articles
Rapid repair of important oil pipeline, which delivers supplies to Europe, among other things, gives hope.
Oil prices fall 1% on hopes of limited supply disruptions
Oil prices fell about 1%, extending losses for a third session, but stayed above $100 on Friday, as hopes of alternate ways for barrels from the Middle East to reach markets outweighed concerns about strikes between Saudi Arabia and Yemen's Houthis.
Oil prices fell on Friday as subdued concerns about supply disruptions in Saudi Arabia outweighed an expanded conflict in the Middle East.
Oil prices fell today, Friday, for the third consecutive meeting, as concerns about the disruption of Saudi supplies reversed the concern about the expansion of the Middle East conflict amid new clashes between Saudi Arabia and the Houthi movement in Yemen. By 0319 GMT, Brent's future contracts fell 79 cents or 0.75% to $104 per barrel, and declined [...]
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