Oil and Gold Fall in New York as Saudi Pipeline Restart Eases Supply Worries
Crude oil futures fell for a fifth consecutive session on the New York Mercantile Exchange on September 22, with West Texas Intermediate for October delivery closing down $1.19 (1.2%) at $94.59 per barrel, while gold futures also declined. Reports from Bloomberg and Reuters indicated Saudi Arabia's East-West pipeline, halted after an attack, was moving toward resuming operations, with supply recovery expected by September 26 and exports from a Red Sea port possibly restarting that day. President Trump also revealed US-Iran talks at the UN General Assembly, describing them as "very good," which eased Middle East supply concerns and pressured prices. Gold futures for December delivery fell $7.50 (0.2%) to $4,376.40 per troy ounce on the COMEX, as rising US long-term interest rates reduced the appeal of the non-yielding asset.