Market brief · Economy & rates

Oil Prices Slide as Saudi Arabia Reroutes Crude via Oman

Crude oil prices, which dipped yesterday, extended their losses earlier today following reports that Saudi Arabia will be exporting more oil through Oman while the East-West pipeline is repaired. At the time of writing, Brent crude was trading at $105.89 per barrel, with West Texas Intermediate at $102.39 per barrel. Earlier in the week, Brent topped $108 briefly, and WTI spiked to over $103 per barrel. The spike followed the latest Houthi attacks on Saudi energy infrastructure, notably the East-West pipeline that was sending crude to the Red Sea…