Crude is firm Wednesday because nobody has a clean answer on supply. Saudi oil is moving again and Chinese refiners are finding replacement barrels. Meanwhile the Houthis keep hitting Saudi targets, Iran stays shut out, accessible inventories are thin and a Gulf of Mexico storm is lining up on U.S. oil infrastructure. Sellers have more barrels to point to than they did a week ago. What they don’t have is room for another disruption.
Oil News: Brent Leads as Saudi Exports Rise and Gulf of Mexico Storm Looms
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Brent led crude higher as Saudi exports recovered, but a Gulf of Mexico storm, attacks and thin usable inventories kept the downside limited.