Commodities
Saudi Oil Export Routes Ease Supply Fears, Crude Prices Plummet
Oil prices plummeted on September 17 as concerns over supply disruptions from Saudi Arabia eased. The kingdom's alternate export routes have helped offset the impact of attacks on its East-West pipeline to the Red Sea.
Nymex US crude dropped by 2.94% to $99.42 a barrel, moving below the $100 mark. ICE Brent crude fell by 3.55% to $102.07 a barrel.
Saudi Arabia is making additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman's Sohar port, according to Reuters. This move has helped alleviate supply fears and pulled crude prices further off recent highs.