Middle East Oil Exports Recovery Hits Oil Prices

Oil prices retreated on Thursday as a recovery in Middle East exports eased supply concerns. Brent crude futures for December delivery fell 1.09% to $96.96 a barrel, while U.S. West Texas Intermediate (WTI) futures for November dropped 1.32% to $89.24 per barrel.

Analysts say that the recovery in Mideast oil exports is partly due to Saudi Arabia's restart of operations on its East-West Pipeline. According to David Morrison, senior market analyst at Trade Nation, 'The pipeline has done much of the heavy lifting when it came to moving crude out of the Gulf.'

However, Morrison also noted that the pipeline is not running at full capacity and that analysts are keeping a close eye on developments in the Middle East. Concerns over supply disruptions have eased, but worries about a lasting resolution to the Iran conflict may be delayed.