Wire flash
Saudi Restarts Key Pipeline, WTI Crude Falls Over 3%
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Oil prices fell sharply on Tuesday, with WTI crude oil futures dropping 3% to $89.576 per barrel and Brent crude futures falling 2% to $94.318 per barrel. The decline was triggered by news that Saudi Arabia is restarting its east-west pipeline and preparing to resume crude exports from the Yanbu port later on Tuesday, according to trade sources. The move is expected to increase global oil supply, putting downward pressure on prices.
Source report
September 22 — Crude oil futures extended losses in trading today, with both Brent and WTI benchmarks dropping sharply.
- Brent crude fell 2% to $94.318 per barrel
- WTI crude dropped 3% to $89.576 per barrel
Market driver: According to trade sources, Saudi Arabia has restarted its East-West crude oil pipeline and is preparing to resume exports from the Yanbu port later on Tuesday.
Source
财联社Neutral / independent