Oil Eases as Saudi Arabia Routes Crude Around Its Damaged Pipeline
Crude fell for a second session as Saudi Arabia moved exports through Oman. Petrobras signed eight offshore blocks in Côte d'Ivoire and offset a diesel rise with a subsidy. The post Oil Eases as Saudi Arabia Routes Crude Around Its Damaged Pipeline appeared first on The Rio Times .
Oil prices dropped for the second consecutive day as investors assessed Saudi Arabia's ability to cope with a damaged pipeline. Crude tracking funds closed at US$155.31, down 0.55%, with West Texas Intermediate settling at US$101.91 and Brent at US$104.82, both significantly above pre-attack levels. The issue stems from drones launched from Iranian-backed militias in Iraq, damaging two of the pipeline's eleven pumping stations.
Saudi Arabia has devised a workaround by transferring crude via ship-to-ship transfers near Sohar in Oman, while repairs are estimated to take anywhere from days to six weeks. Inventory data indicated a smaller-than-expected draw of 640,000 barrels, signaling a more robust American market than initially forecast. Regional producers followed the market's lead rather than setting prices.
Petrobras saw a slight decline of 0.46%, YPF 0.31%, while Ecopetrol fell even further at 0.46%. The pipeline's recovery timeline remains a crucial variable in the market's response.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
