Crude oil slides towards $100 as supply concerns ease

Crude oil tumbled towards $100 per barrel in Thursday?s electronic trades as reports that Saudi Arabia plans to restore roughly half of its East-West pipeline capacity within days eased concerns over supply disruptions around the vulnerable Strait of Hormuz. Downward pressure was reinforced by a smaller-than-expected 0.64 million-barrel draw in US crude inventories, while builds in gasoline and distillate stocks added to the bearish undertone. The dollar index held near 100, close to a seven-week high, while elevated Treasury yields following the Fed?s 25-basis-point rate hike further weighed on the dollar-denominated commodity. MCX September crude oil futures declined 1.11% to ₹9,710 per barrel.

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