99GOLD.NET · Market brief · Economy & rates
WTI Retreats as Saudi Oil Workaround Eases Supply Fears
November WTI crude oil futures were trading at $96.35 at 0:51 GMT early Friday, up $0.49, or 0.51%, for the week. The contract traded as high as $101.69 and as low as $94.64. The range reflects a market caught between broken Saudi infrastructure and an export workaround that only moves part of the lost volume. Saudi Arabia’s East-West pipeline outage drove WTI through $100. The kingdom’s Sohar transfers to Asian refiners pulled the contract back. The supply problem remains in place. The market is now putting a smaller premium on it.…
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