Oil prices dip as Saudi pipeline restart boosts supply outlook

masrawy.com (Arabic)

Oil prices fell on Wednesday as Saudi Arabia resumed crude supplies through a key pipeline to the Red Sea, amid growing hopes for a diplomatic resolution to the US-Iran war through UN talks in New York. Brent futures dropped 7 cents, or 0.07%, to $99.18 per barrel by 01:19 GMT. US West Texas Intermediate futures fell 35 cents, or 0.39%, to $90.17 per barrel. President Donald Trump warned Tuesday he might annihilate Iran but said envoys held productive talks with Iranian mediators, adding "there is great momentum" for a deal. Brent settled below $100 on Tuesday for the first time since September 8. Saudi Arabia reopened the East-West pipeline on Tuesday after closing it September 11 due to drone attacks, resuming loadings at Yanbu port. Iraq also reported exports above 3 million barrels daily, with plans to raise shipments via Turkey. Analysts cite improved supply outlook and diplomatic hopes as key factors.


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