Commodities
Saudi Pipeline Repair Eases Oil Market Tensions
The global oil market stabilized after Saudi Arabia announced it would restore about half of its damaged East-West pipeline's capacity within days and full operations in six weeks.
The development comes as Brent crude traded near $106 a barrel, after losing 2.7% on Wednesday, while West Texas Intermediate was above $102.
'I wouldn’t call it an all-clear situation,' said Haris Khurshid, chief investment officer at Karobaar Capital.
The US-Iran war and the Russia-Ukraine conflict have driven crude prices up by about three-quarters this year, contributing to global inflationary pressures that prompted the Federal Reserve to raise interest rates on Wednesday.