Crude Oil Falls Below $103

2026-09-16 14:50 By Agna Gabriel 1 min. read

Crude oil fell below $103 a barrel on Wednesday, extending its retreat after two sessions of gains as markets assessed the potential recovery of Saudi Arabia’s key East-West pipeline.

Saudi Aramco is reportedly working to bypass a damaged section of the route, aiming to restore around half of its capacity within days and return the pipeline to full operation in roughly six weeks.

US Energy Secretary Chris Wright also said the outage should be resolved within days, although independent analysts expect repairs could take longer.

In the meantime, Saudi Arabia increased efforts to move more crude through the Strait of Hormuz with US military assistance.

Separately, US government data showed crude inventories fell by 640,000 barrels to 423.4 million barrels, although the decline was smaller than analysts had expected.

Stocks at the Cushing, Oklahoma, hub also decreased.

The data contrasted sharply with the API’s previous estimate of a 7.1 million-barrel increase in crude inventories.



News Stream
Crude Oil Falls Below $103
Crude oil fell below $103 a barrel on Wednesday, extending its retreat after two sessions of gains as markets assessed the potential recovery of Saudi Arabia’s key East-West pipeline. Saudi Aramco is reportedly working to bypass a damaged section of the route, aiming to restore around half of its capacity within days and return the pipeline to full operation in roughly six weeks. US Energy Secretary Chris Wright also said the outage should be resolved within days, although independent analysts expect repairs could take longer. In the meantime, Saudi Arabia increased efforts to move more crude through the Strait of Hormuz with US military assistance. Separately, US government data showed crude inventories fell by 640,000 barrels to 423.4 million barrels, although the decline was smaller than analysts had expected. Stocks at the Cushing, Oklahoma, hub also decreased. The data contrasted sharply with the API’s previous estimate of a 7.1 million-barrel increase in crude inventories.
2026-09-16
Oil Pulls Back after 2-Day Gain as US Inventories Rise
Crude oil fell to around $104 a barrel on Wednesday, retreating after two consecutive sessions of gains as signs of rising US inventories weighed on the market. The American Petroleum Institute reported a 7.1 million-barrel increase in US crude stockpiles last week, alongside higher gasoline and distillate inventories, with official government data due later in the day. Supply concerns nevertheless remain elevated. Saudi Arabia’s East-West pipeline remains offline, although US Energy Secretary Chris Wright said the outage should last only a matter of days. Iran-backed Houthi militants are advancing towards the Bab el-Mandeb Strait while intensifying attacks on Saudi targets and regional shipping routes. The disruption has reportedly prompted Saudi Aramco to delay some deliveries to European customers, increasing competition for alternative supplies. Libya also experienced a supply halt.
2026-09-16
Oil Pulls Back as US Inventories Rise
Crude oil fell below $105 per barrel on Wednesday, retreating from four-month highs after industry data showed a surprise increase in US crude inventories despite widening supply disruptions in the Middle East. API data showed US crude stockpiles surged by 7.14 million barrels last week following a 300,000-barrel decline in the previous week, defying expectations for another drawdown. Meanwhile, oil loadings at Saudi Arabia’s Yanbu port remained suspended following the shutdown of the crucial East-West pipeline. There is still no clear timeline for when operations at the key pipeline, which provides an alternative route around the Strait of Hormuz, will resume, as Iran-backed Houthi militants renewed attacks on Saudi Arabia this week. In Libya, the national oil company also suspended operations at two oilfields and a pumping station amid ongoing protests. Despite the disruptions, Libya’s overall oil output has remained largely stable at roughly 1.4 million barrels per day.
2026-09-16