Crude oil prices retreated as supply fears eased following updates on the East-West pipeline, while a 1.5-month high in the dollar index further weighed on energy markets.
October WTI crude fell 3.21% as Middle East supply fears eased and EIA inventories showed a smaller draw than expected.
October RBOB gasoline rose 0.57% to a 3-week high despite rising inventories, reflecting resilient product demand relative to crude.
The dollar index rallied to a 1.5-month high, pressuring energy prices and contributing to crude's decline.
Saudi Aramco delayed some European deliveries due to the East-West pipeline closure, but the company is working to restore about half capacity within days.
Baker Hughes reported a slightly higher US rig count, indicating steady drilling activity even as crude prices fell.
October WTI crude oil fell 3.21% on Wednesday as easing Middle East supply concerns and a stronger dollar pressured prices. While crude retreated, RBOB gasoline climbed 0.57% to a three-week high, reflecting resilient product demand despite an unexpected build in EIA inventories.
Prices declined because supply fears eased after Saudi Arabia announced progress on restoring the East-West pipeline and US officials noted significant crude volumes moving through the Strait of Hormuz.