Commodities
NY Crude Falls to $94 Range Amid Saudi Restart Expectations
New York crude oil futures fell for a fifth consecutive session on October 22nd as expectations grew that Saudi Arabia's East-West Pipeline had resumed operations and loadings from the Red Sea export hub would restart.
The benchmark U.S. crude grade, West Texas Intermediate (WTI) for October delivery, settled down $1.19, or 1.2%, at $94.59 per barrel.
Multiple sources indicated that the pipeline was operating at low utilization rates after being temporarily halted following an attack.
A senior Iranian official told Reuters that Iran could reopen the Strait of Hormuz within seven days if the U.S. eased military pressure and lifted the blockade of Iranian ports.