Oil drops on Druzhba pipeline news and U.S. inflation expectations | Reuters
Oil prices fell on Wednesday on expectations that Druzhba pipeline flows will resume shortly and demand concerns ahead of publication of key demand indicators.
Brent crude futures were down $1.69, or 1.75%, to $94.62 a barrel at 1124 GMT.
U.S. West Texas Intermediate crude futures were down $1.61 cents, or 1.78%, at $88.89.
Russia's pipeline monopoly Transneft said it planned to resume oil pumping through the southern branch of the Druzhba pipeline at 1600 Moscow time (1300 GMT), Russian state-owned news agency RIA reported. read more
Ukraine had suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from receiving transit fees from Moscow, Transneft said on Tuesday. read more
Hungarian energy group MOL (MOLB.BU) has transferred the transit fee for the use of the Ukrainian section of the pipeline, MOL said on Wednesday. read more
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