Global crude oil prices extended their decline for a fifth consecutive day, with West Texas Intermediate crude falling to $90 a barrel, while Brent crude dropped below $99 a barrel, after reports that Saudi Arabia is preparing to bring the East-West Pipeline back into service as soon as this week. As of 9:37 p.m. Thailand time, WTI crude for October delivery fell $1.18, or 1.28%, to $90.68 a barrel, while Brent crude for November delivery fell $0.62, or 0.62%, to $99.33 a barrel. Bloomberg reported, citing sources, that Saudi Arabia is testing the East-West Pipeline and may bring it back online within the week. The pipeline is currently pumping oil at a low rate and may resume oil exports through the Yanbu port on the Red Sea coast as early as today. Saudi Arabia had previously shut the East-West Pipeline after it was damaged in a drone attack launched from Iraq on September 10. Meanwhile, investors are also watching the possibility of a diplomatic path to ending the conflict in the Middle East, after reports that Iranian President Masoud Pezeshkian is scheduled to attend the United Nations General Assembly in New York, while President Donald Trump said he is open to meeting with the Iranian leadership during this week's UNGA session.
Restart of Saudi East-West Pipeline adds supply, pushing Brent crude below $99.
Saudi Arabia preparing to restart the East-West Pipeline, restoring supply and pressuring WTI crude lower.
