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Oil Falls as Geopolitical Jitters Cool, Demand Concerns Resume

  • Druzhba oil pipeline restarts after turbulent 24 hours
  • US crude stockpiles drop while gasoline and diesel stocks rise
Updated on

Oil dropped as a pipeline carrying Russian crude to Europe was reported to have restarted and tensions over Poland eased, pushing demand concerns to the market’s forefront.

West Texas Intermediate fell 1.5% to settle above $85 after a volatile session on Wednesday where futures swung in a $3 range. Crude sold off after a section of the Druzhba oil pipeline, Europe’s largest crude oil conduit, was reported to have restarted following a power supply disruption.