Oil Prices Test Key Support Levels as Supply Fears Ease

au.investing.com

Oil prices fell for a sixth consecutive day on Wednesday, with Brent dropping below $100 and WTI under $90 a barrel, the lowest in over two weeks, as diplomatic hopes rise and supply concerns ease. The decline follows Saudi Arabia's reopening of its East-West pipeline and resumed Red Sea exports, which can reroute up to 4 million barrels daily, offsetting prior disruptions from drone strikes. President Trump reported productive US-Iran talks at the UN, marking the first direct contact since June. The 10% weekly drop has eased inflation fears and boosted equities. Markets now watch for increased Strait of Hormuz traffic and the Iranian president's Thursday speech, with technical support near $89 and resistance around $95.


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