Oil Prices Steady Near Two-Week Lows Amid Supply Boost
Oil prices held near their lowest levels in two weeks on September 23, as improving Gulf crude supplies and diplomatic efforts to resolve the US-Israeli conflict boosted hopes of a supply increase.
Brent crude futures rose 16 US cents, or 0.16%, to $99.41 a barrel by 0809 GMT, while West Texas Intermediate futures fell 50 US cents, or 0.55%, to $90.02. The Brent benchmark hit its lowest since September 8 at $97.36 in the previous session.
US President Donald Trump's warning that he could 'annihilate' Iran on September 22 was tempered by his statement that his envoys had held productive talks with mediators to end the war, according to WisdomTree commodity strategist Nitesh Shah.
The Saudi East-West Pipeline resumed operations on September 22, rerouting about 4 million barrels per day (bpd) from Yanbu port. This increase in supply has eased concerns about a global shortage.