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Oil drops 3% amid Saudi supply increase
Oil prices fell by about 3% following reports that Saudi Arabia has been supplying additional shipments of crude through Oman, helping to ease concerns about supply disruptions. Brent crude dropped to $101.98 per barrel, while West Texas Intermediate declined to $99.43, amid expectations that the East-West pipeline may resume operations within days, despite potential damage to the pumping stations from previous attacks. It is estimated that a prolonged halt of the pipeline could disrupt approximately 4% of global supplies, as the market continues to face pressure due to infrastructure disruptions in the Middle East and Russia.
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