Saudi Oil Pipeline Capacity Restored, Crude Prices Swing on Supply News

Deep News

Yesterday

According to the latest report from CNBC, Saudi Arabia's Energy Minister Abdulaziz bin Salman stated on the 6th local time that the East-West oil pipeline's daily throughput has now recovered to 5.8 million barrels, representing more than 80% of its total capacity.

In September, the pipeline was temporarily shut down following a drone attack.

After this news was released, market concerns about crude oil supply eased noticeably, and international oil prices declined during the European trading session on the 6th, with U.S. crude and Brent crude falling by more than 3% at one point before fluctuating upward.

As of 19:00 Beijing time, the November delivery light crude futures contract on the New York Mercantile Exchange was priced at $87.68 per barrel, down 1.96%, while the December delivery London Brent crude futures contract stood at $98.26 per barrel, down 2.05%.

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