Oil Prices Stabilize as Saudi Pipeline Resumption Report Boosts Market

Oil prices have stabilized after retreating yesterday on supply-related headlines, including reports of Saudi Arabia's plans to resume half of its key oil pipeline within days and Libya's National Oil Corporation (NOC) Chief saying production has returned to normal levels.

The Saudi pipeline resumption report and the Libyan NOC chief's comments signal that the premium paid for crude due to supply disruptions is being handed back as restoration timelines firm up.

Gold prices have partially rebounded from their post-FOMC drop, retesting the USD 4,300/oz level, while copper has rebounded off post-FOMC lows but remains down by 0.4%.