(RTTNews) – After moving sharply higher early in the day, the price of crude oil has shown a significant downturn over the course of the trading session on Tuesday.
Crude oil for November was last seen trading at $89.70 a barrel, down $2.90 or 3.1 percent, after surging as much as 2.3 percent earlier in the day.
The sharp pullback by the price of crude oil comes amid indications that crude oil exports from Saudi Arabia’s Red Sea ports are recovering from an attack on a key pipeline earlier this month.
Oil prices fell Tuesday as Saudi Arabia’s crude exports from its Red Sea ports recover from an attack on a key pipeline earlier this month.
A noted published by Kpler said satellite imagery has confirmed a “major operational recovery” at the Yanbu and Muajjiz terminals.
Oil prices came under pressure despite a lack of meaningful progress in U.S.-Iran negotiations to sort out issues and reopen the Strait of Hormuz.
According to some reports, Iranian officials are not optimistic about the possibility of the two nations reaching an agreement before the U.S. midterm elections in November.
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