Commodities
Saudi Pipeline Outage Eases Fears as Oil Prices Pull Back
Oil prices retreated after a sharp monthly climb as officials attempted to calm nerves about Saudi Arabia's damaged East-West pipeline, which is expected to be back in operation within days.
The Trump administration sought to reassure traders that the outage would be brief and temporary, with US Energy Secretary Chris Wright telling CNBC it 'will be measured in days.'
However, independent analysts countered that satellite imagery shows heavy damage at a pumping station, suggesting the shutdown could stretch into weeks.