WTI Crude Slips Below $96 Amid Mixed Signals from Saudi Pipeline Attacks
WTI crude oil on the November contract finished lower by $1.64 to $95.60, a slight gain for bears who had been anticipating a drop in prices.
The latest pipeline attacks in Saudi Arabia have provided mixed signals, but reports suggest that the damaged pumping stations could soon be bypassed and half of the lost supply restored.
The Hornuz Strait remains a wild card, with Republicans polling poorly and this war being deeply unpopular. There's talk of Saudis offering a ceasefire to Houthis, but it was rejected by the latter.
Pakistan is set to restart talks with Iran next week after a Pakistani minister travels to Tehran. The risk-reward for both sides of the trade isn't great at the moment.
Chevron CEO Mike Wirth warned that the buffers are exhausted and oil will eventually flow back into the market, potentially causing prices to rise dramatically.