Oil Fluctuates After 5-Session Losing Streak

Crude oil fluctuated around $90 a barrel on Wednesday after five consecutive sessions of losses, as markets assessed efforts to restore oil flows disrupted by the conflict in the Middle East. Saudi Arabia is preparing to restart exports through its critical East-West pipeline in the coming days, potentially allowing the kingdom to bypass the contested Strait of Hormuz and increase outbound shipments. At the same time, US President Donald Trump said American officials had held a “very productive” meeting with Iranian envoys and indicated that further talks were planned, despite his tough rhetoric toward Tehran during a United Nations speech. Meanwhile, the API reported a 1.8-million-barrel increase in nationwide crude stockpiles, while gasoline and distillate inventories declined. Investors are now awaiting official US Energy Information Administration data later Wednesday for further indications of supply and demand conditions.