Commodities
US Eases Saudi Supply Concerns, Oil Prices Fall 4% Amid Inventory Data
Oil prices fell by approximately 4% on Wednesday as the US administration attempted to alleviate concerns over potential disruptions to Saudi Arabian supplies following damage to the kingdom’s East-West pipeline.
According to government data, commercial crude oil inventories in the US decreased by 640,000 barrels to 423.4 million barrels in the week ending Sept. 11.
The decline was smaller than market expectations, which limited the data's supportive effect on prices.
US Energy Secretary Chris Wright stated that Saudi Arabia's damaged East-West pipeline is expected to resume operations within days, describing the disruption as temporary.