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Commodities

Saudi Pipeline Restoration Fails to Stem Oil Price Slide

Guavy AI Editorial Team
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Oil
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Oil prices continued to decline on Thursday, September 16th, as Saudi Arabia made progress in restoring its damaged East-West pipeline. The West Texas Intermediate (WTI) crude oil price fell towards $102 a barrel after losing 3.2% on Wednesday, marking the largest drop since August 4th.

According to a person familiar with the situation, Saudi Arabia is aiming to restore about half of the pipeline's capacity within days and full operations in around six weeks. The East-West pipeline is a crucial transportation route for oil exports from Saudi Arabia, which is the world's largest oil exporter.

The Brent crude oil price also closed below $106 as investors responded positively to the news of the pipeline's restoration. However, it remains unclear how long the supply disruptions will have a lasting impact on the global oil market.

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