Oil fell for a third consecutive session (Express Tribune).
| | Price | Change | |—|—|—| | Brent | $104 | -0.75pc (-79 cents) | | WTI | $101.20 | -0.69pc (-70 cents) |
On the week, Brent is down about 0.5 percent while WTI is up 1.2 percent.
Why
Saudi Arabia has signalled it could restore roughly half the capacity of its damaged east-west pipeline within days, and is offering more crude to Asian refiners through ship-to-ship transfers off Oman.
“Recent efforts to restore Saudi export capacity have reduced some of the immediate supply anxiety,” said Priyanka Sachdeva, head of market insights at Phillip Nova.
Where this sits against the week
Brent reached $107.82 on Monday. It has come off roughly $4 since, which recovers about half the move that followed the pipeline strike.
That is a market pricing repair, not resolution. The pipeline was shut on Friday after drone damage; half capacity restored within days would still leave the route that exists to bypass the Strait of Hormuz operating at half strength, in a week when a drone was also destroyed near Makkah.
What it has done here
Petrol in Pakistan fell 43 paisa today to Rs390.79 — the first decrease since 7 September — while diesel rose Rs3.47 to Rs424.92.
What is not established
Saudi Arabia has published no engineering assessment or timetable, and “within days” is a signal rather than a commitment. No figure has been given for how much throughput the pipeline is currently carrying.
[Image: The Express Tribune]
