WTI Crude Price Slips Below $94 as Supply Concerns Ease
The West Texas Intermediate (WTI) crude oil price dropped to its lowest point in over a week, falling below $94.00 on Monday.
This decline marks the fourth consecutive day of losses for WTI, which is currently trading around 1.50% lower than its previous close.
The downturn can be attributed, in part, to Saudi Arabia's expectation that the East-West pipeline will return to approximately half its capacity within days following a drone attack.
This recovery in shipments from Saudi Arabia has eased supply concerns and is exerting downward pressure on crude oil prices.
However, geopolitical tensions between the Iran-backed Houthi group in Yemen and Saudi Arabia continue to contribute to the risk premium in play, limiting the potential for a significant decline in prices.