WTI Dips Near $100 as Saudi Arabia Routes Crude Via Oman
The West Texas Intermediate (WTI) oil price has dipped to near $100 per barrel after Saudi Arabia announced additional crude cargoes via Oman, easing concerns over Middle East supply disruptions.
WTI rose earlier in the week as ship-to-ship transfers were eased, but recent developments have cooled market anxieties. On Wednesday, WTI traded at around $100 during European hours.
The unexpected surge in US crude inventories by 7.1 million barrels for the week ending September 11 also weighed on prices. Analysts had predicted a drawdown of roughly 1.6 million barrels.
Saudi Arabia's decision to pivot back to oil exports through the Strait of Hormuz after pipeline damage has heightened the strategic importance of this chokepoint, according to Rabobank's Bas van Geffen.