ING: Supply-Side Risks Stay Elevated Even as Oil Prices Pull Back

Despite the recent decline in crude oil prices due to lower-than-feared disruption of Saudi exports, supply-side risks remain elevated, and not only in the Middle East, analysts at ING Bank also said on Tuesday. Oil prices dropped on Friday and Monday, with Brent Crude falling to $100 per barrel from $108 a barrel hit early last week after Saudi Arabia shut down its key pipeline that bypasses the Strait of Hormuz. Higher-than-expected Saudi shipments through Hormuz, however, have eased concerns about supply, while the never-ending hope of a diplomatic…