Oil declines as U.S. crude stocks fall
Oil prices declined after a two-day rally, due to statements from the Trump administration attempting to assure the market that the damaged Saudi "East-West" pipeline would resume operation within days, despite satellite images showing extensive damage that could halt it for weeks. At the same time, Saudi Arabia offered additional oil shipments to compensate for the disrupted supplies caused by the pipeline attacks, amid ongoing geopolitical tensions in the region and a decrease of about 640,000 barrels in U.S. oil inventories last week, which was below expectations.
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