Oil Prices Steady Near Two-Week Lows Amid Easing Supply Concerns
Oil prices held steady near two-week lows on September 23, buoyed by easing supply concerns and hopes for a diplomatic resolution to the US-Israeli conflict with Iran.
The Brent crude benchmark rose 16 US cents, or 0.16%, to $99.41 per barrel, while West Texas Intermediate futures fell 50 US cents, or 0.55%, to $90.02.
Saudi Arabia's East-West Pipeline resumed operations on September 22 after being shut due to drone attacks, allowing for the rerouting of about 4 million barrels per day (bpd) to Yanbu port, roughly 4% of global supply.
Nitesh Shah, WisdomTree commodity strategist, said that US President Donald Trump's efforts to give off strong vibes of good talks may be driving down oil prices, but cautioned that things could change abruptly back into positive price moves.