WTI Oil Price Slips Below $97 Amid Eased Supply Disruptions
Crude oil prices are trading lower for the second consecutive day on Thursday, with the US benchmark West Texas Intermediate (WTI) Oil price hovering just below $97. This is down from the four-month highs above $102 hit earlier this week and approaching the weekly trading range's bottom around $96.
The news that Saudi Arabia has found an alternative route through Oman to export crude oil to Asian countries has eased some concerns about supply disruptions caused by recent attacks on the Aast-West pipeline. The pipeline was used to transport Saudi Oil to the Yanbu port in the Red Sea, an alternative route to the blocked Strait of Hormuz.
Saudi authorities announced a plan to restore the critical pipeline, aiming to return to 40% of its capacity within days and project full operation within six weeks. In the US, data released earlier this week revealed a shorter-than-expected withdrawal of commercial Oil stocks in the week of September 11, which contributed to easing concerns about supply.