Oil Prices Fall About 4% as US Moves to Ease Saudi Supply Concerns
Brent crude slipped below $105 a barrel after Washington said a damaged Saudi pipeline could resume operations within days, according to Anadolu Agency.
Oil prices fell by around 4% as the United States moved to ease concerns over Saudi Arabian crude supply, according to a report by Anadolu Agency.
Brent crude, the international benchmark, dropped to below $105 per barrel, the report said.
The price decline came after Washington stated that a damaged Saudi pipeline could resume operations within days, according to Anadolu Agency.
The report did not provide further details on the cause of the pipeline damage or the specific timeline for its repair.
Market reaction to the announcement reflected reduced concerns among traders about a potential disruption to Saudi oil supply, as reported by Anadolu Agency.
Sources
- Oil prices fall around 4% as US seeks to ease Saudi supply concerns — Anadolu Agency (Turkey)
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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