- October WTI crude fell $4.07, or 3.85%, and October RBOB gasoline dropped 1.01% on signs crude supplies are getting through the Strait of Hormuz, easing supply concerns.
- Saudi Arabia is ramping prompt crude sales from outside the Strait of Hormuz after the shutdown of its East-West pipeline halted cross-country flows to the Red Sea coast.
- The pullback in oil eased inflation concerns and revived risk appetite, with the S&P 500 up 1.1% and the Nasdaq 100 up 1.7% — their biggest advance in six weeks.
- Asian equity-index futures for Japan, South Korea and Australia pointed to gains, and the yen was steady ahead of the Bank of Japan's rate decision.
Quotes
“rebalance a little bit”
“Saudi Arabia is ramping up prompt sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom’s East-West pipeline, which halted cross-country flows to its Red Sea coast.”