Saudi Export Route Eases WTI Oil Price Pressure
WTI Crude oil prices have retreated from their four-month high of $102.07 reached last Tuesday, as Saudi Arabia's potential to boost crude output and a request from China to Iran to curb Houthi actions have alleviated some upward pressure on prices.
The US benchmark West Texas Intermediate (WTI) Oil is set for its first weekly decline in three weeks, with prices easing toward the $95 mark. Ongoing instability in the Middle East, including threats to key waterways and recent attacks, has limited the downside in crude prices.
Reports of an alternative Saudi export route via Oman to Asian buyers have helped ease concerns about supply disruptions following a drone strike that damaged the West-East pipeline carrying oil to the Red Sea port of Yanbu.