Commodities
Saudi Pipeline Boost Helps Ease Oil Price Pressure
Oil prices declined as Saudi Arabia increased flows through its East-West pipeline, despite ongoing concerns about the US-Iran stalemate.
The move by the top oil exporter to restore about half of the pipeline's capacity helped alleviate worries that a deal to reopen the Strait of Hormuz was unlikely in the near future.
According to Ole Hansen, head of commodity strategy at Saxo Bank, 'geopolitical risks remain unresolved but crude is flowing through the strait and through Saudi’s western port.'