Oil supply drop affects markets

Oil prices were affected today following an unexpected increase in US crude inventories, which rose by approximately 7.1 million barrels over the week, contrary to expectations of a decrease. Despite disruptions in Saudi oil supplies and the suspension of shipments from the Yanbu port due to Houthi attacks, demand declined as a result of these data, leading to a drop in oil prices amid the lack of support from the deteriorating Middle Eastern supply situation. Experts expect that resuming oil flow through the Saudi pipeline could take between 5 to 6 weeks, while Saudi Arabia has attempted to compensate for the supplies through Asian refineries from nearby ports.

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