Commodities
Oil Prices Retreat Amid Easing Saudi Supply Concerns
The price of WTI Crude Oil has retreated to $100.69 as concerns about an immediate Saudi supply outage have eased.
Saudi Arabia's decision to offer additional crude cargoes through Oman has reduced fears that damage to the East-West pipeline would halt a large volume of exports.
US Energy Secretary Chris Wright suggested the pipeline could be restored to action more quickly than initially thought, driving down WTI prices.
The US inventory report was less hawkish and bullish than expected, with a smaller-than-expected drawdown in stocks.