WTI heads for 5% weekly loss as Middle East risks ease

WTI crude oil fell below $95 per barrel on Friday and was on course to end the week down more than 5% as concerns over Middle East supply disruptions eased and hopes for renewed diplomatic efforts gathered momentum. Saudi Arabia is targeting the restoration of around half of its East-West pipeline capacity within days, with full operations expected within six weeks, while some exports are being rerouted through the Strait of Hormuz. A firmer dollar added to the pressure, with the dollar index around 100 and heading for a weekly gain of more than 1% following the Fed?s 25-basis-point rate hike. MCX October crude oil futures declined more than 2% to ₹9,145 per barrel.

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