Oil prices fall 1% on hopes of limited supply disruptions
- On Friday, oil prices fell about 1% but remained above $100 a barrel as investors weighed reports that Saudi Arabia is finding alternate ways to reach global markets, easing supply concerns.
- Tensions escalated Thursday as Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes, while damage to three East-West pipeline pumping stations continues to constrain supply, threatening up to 4 per cent of global oil capacity.
- To offset pipeline disruptions, Saudi Arabia is using ship-to-ship transfers off Oman's Sohar port, and Energy Secretary Chris Wright told CNBC on Tuesday that crude should be flowing through the pipeline within days.
- European gasoil futures hit record highs Tuesday as regional infrastructure remains exposed, with tightening diesel supplies and a Thursday drone attack on a refinery in Yaroslavl, Russia, adding market pressure.
- The Middle East conflict will come up for discussion at the United Nations General Assembly next week, while JPMorgan analysts noted Thursday that they lack a clear baseline view for oil markets.
15 Articles
15 Articles
Oil prices fall 1% on hopes of limited supply disruptions
Oil prices fell about 1%, extending losses for a third session, but stayed above $100 on Friday, as hopes of alternate ways for barrels from the Middle East to reach markets outweighed concerns about strikes between Saudi Arabia and Yemen's Houthis.
Oil prices fell today, Friday, for the third consecutive meeting, as concerns about the disruption of Saudi supplies reversed the concern about the expansion of the Middle East conflict amid new clashes between Saudi Arabia and the Houthi movement in Yemen. By 0319 GMT, Brent's future contracts fell 79 cents or 0.75% to $104 per barrel, and declined [...]
Oil prices continued their decline on the last trading day of the week, fueled by expectations that supply disruptions in the Middle East could be compensated for through alternative means. Despite falling for a third session, oil still managed to stay above $100 per barrel, having lost approximately 1 percent of its value.
Oil prices fell by about 1 percent on expectations that supply disruptions may be limited despite tensions in the Middle East and that alternative delivery routes may be activated. Oil prices, which fell for the third consecutive session, remained above $100.
Oil prices closed on Thursday with a drop of about 1 per cent, but remained above $100 per barrel, while investors weighed the disruptions caused by the attacks by Saudi Arabia and the Houthis of Yemen, backed by Iran, against reports that additional barrels of Saudi crude could reach world markets and alleviate supply concerns.
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