Oil falls over 1.5% as Druzhba pipeline restarts - Breaking The News

Oil falls over 1.5% as Druzhba pipeline restarts

16 November

1 min read

EPA-EFE/SASCHA STEINBACH

The prices of oil futures declined on Wednesday as Hungarian Foreign Minister Peter Szijjarto shared that oil pumping through the Druzhba pipeline was restarted after technical repairs.

In addition, Iraq's State Organization for Marketing of Oil (SOMO) was quoted by INA earlier today as saying that the Iraqi Energy Ministry is aiming to increase crude output rates. The news seemingly offset supply fears.

West Texas Intermediate (WTI) for settlements in December dropped 2.08% at 9:09 am ET to sell for $85.13. At the same time, Brent for the deliveries in January slid 1.60%, selling for $92.30.

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