Oil prices fall as Saudi pipeline restarts and US-Iran talks ease supply fears

firstpost.com

Oil prices fell Wednesday as Saudi Arabia resumed flows through a key pipeline and US-Iran talks raised hopes of easing supply disruptions, with Brent crude trading at $98.77 a barrel. Saudi Arabia restarted its East-West Pipeline after drone attacks shut it, though at a reduced rate with full capacity restoration expected to take weeks. The pipeline reroutes about 4 million barrels daily, roughly 4 percent of global supply. US President Donald Trump reported productive talks with Iranian mediators, while Iraq increased exports and US crude inventories rose by 1.8 million barrels, adding further downward pressure on prices.


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Oil prices fall as Saudi pipeline restarts and US-Iran talks ease supply fears | News Minimalist