Commodities
Saudi Pipeline Progress Fails to Stem Oil Price Volatility
The price of oil dropped by 0.9% on Thursday as Saudi Arabia's East-West pipeline, damaged in attacks last week, is expected to restore about half its throughput in the coming days and return to full operations in six weeks.
Brent for November delivery fell to $104.89 a barrel, while the U.S. benchmark, West Texas Intermediate for October, slipped to $101.48.
The decline comes despite crude prices being up about 75% this year due to the US-Iran war and Russia's conflict with Ukraine, which has constrained Middle East shipments and added to inflation pressures worldwide.