Oil prices fall amid supply stability
The report indicates that oil prices continued to decline due to diminished fears of supply disruptions in the Middle East, following a report lowering the likelihood of disturbances in the region. Brent crude fell to $104.59 per barrel, while West Texas Intermediate dropped to $101.29. Meanwhile, Saudi Aramco is working to restore a significant portion of the damaged East-West pipeline, aiming to fully recover its capacity within six weeks. Despite the price drop, concerns remain about ongoing tensions in the region, the US oil inventory which decreased less than expected, and data showing that inventories declined by less than forecasted.
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