Energy Preview: Crude oil prices edge lower on hopes of easing supply concerns

Crude oil prices are seen edging slightly lower but holding around multi month highs on Thursday morning in Asia. Oil prices fell following reports that Saudi Arabia plans to restore roughly half the capacity of its East-West pipeline within days and achieve full operation within six weeks. The vital pipeline provides an alternative export route around the vulnerable Strait of Hormuz. Adding to the downward pressure on prices, the US Energy Information Administration (EIA) reported a smaller-than-expected draw from domestic crude inventories for the previous week. WTI oil futures are quoting marginally lower at $102.37 while Brent is trading close to 106 mark.

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