Commodities
Saudi Crude Supplies Boost WTI Oil Prices But Disruption Risks Remain
WTI Oil prices dipped below $94.00 on Monday amid reports of higher Saudi crude supplies, marking the fourth consecutive day of decline.
The US benchmark crude price fell nearly 8% from last week's highs despite concerns about supply disruptions in the Middle East.
However, a report by JP Morgan cited by CNBC stated that crude flows from Saudi Arabia remained 'surprisingly strong' despite issues with the East-West pipeline.
US naval protection and clearance of mines in the Strait of Hormuz have also contributed to increased oil shipments through the waterway, reaching their highest levels in six months over the last two weeks, according to Admiral Brad Cooper.