Oil drops as Gulf supplies rise
Oil prices declined today, Wednesday, as Saudi Arabia began resuming crude supplies via a pipeline extending to the Red Sea, coinciding with growing hopes for a diplomatic solution to the war between the United States and Iran through talks held at the United Nations in New York. Brent crude fell by 0.07% to $99.18 per barrel, while US West Texas Intermediate declined by 0.39% to $90.17 per barrel. It is also expected that Iraqi oil exports have exceeded three million barrels per day, with prospects of increased exports through Turkey. This comes amid market optimism that there is momentum for new talks that could help ease regional tensions.
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