FX.co ★ Crude Oil Falls For 6th Session

Crude oil fell below $90 a barrel on Wednesday, extending its losing streak to a sixth consecutive session, as markets weighed efforts to restore supplies disrupted by conflict in the Middle East. Saudi Arabia is preparing to restart exports through its strategic East–West pipeline in the coming days, a move that would allow the kingdom to bypass the vulnerable Strait of Hormuz and potentially increase overseas shipments.

At the same time, US President Donald Trump said American officials had held a “very productive” meeting with Iranian representatives and signaled that additional talks were planned, despite his combative tone toward Tehran in a speech at the United Nations.

In inventory data, the American Petroleum Institute reported a 1.8-million-barrel rise in US crude stockpiles, even as gasoline and distillate inventories declined. Investors are now looking to official figures from the US Energy Information Administration, due later on Wednesday, for further insight into the balance between supply and demand.