Crude oil slipped below $103 a barrel on Wednesday, extending its pullback after two consecutive sessions of gains, as the US administration moved to calm fears over potential disruptions to Saudi oil supplies. US Energy Secretary Chris Wright said Saudi Arabia’s damaged East–West pipeline was expected to resume operations within days, characterizing the stoppage as temporary. Independent analysts, however, cautioned that repairs could take several weeks.
With the pipeline still offline, Saudi Arabia has increased crude shipments through the Strait of Hormuz, supported by US military assistance. At the same time, US government data showed crude inventories fell by 640,000 barrels to 423.4 million barrels in the week ended September 11, a smaller drawdown than analysts had anticipated. Stockpiles at the Cushing, Oklahoma, delivery hub also declined. The official figures stood in stark contrast to the American Petroleum Institute’s earlier estimate, which pointed to a 7.1 million-barrel build in crude inventories.
