Oil Prices Drop Amid Eased Saudi Supply Concerns and Rising Inventories

Crude oil prices took a hit on September 21, settling 1.64% lower at ₹9,123 per barrel as concerns over Saudi Arabian supply disruptions eased.

The price drop was also attributed to higher oil-product inventories in the US, Singapore, and Europe, as well as increased Chinese fuel exports.

Saudi Arabia is working to restore its cross-country pipeline capacity after a drone attack last week. The country aims to have full operations back up and running within six weeks.

Libya's crude production has also returned to normal after temporary disruptions at three oilfields, adding to expectations of improved supply availability.