Oil prices have dropped for six consecutive sessions, falling below $100 a barrel, influenced by reports of increased supply from the Middle East and optimism regarding US-Iran negotiations. Saudi Arabia has reportedly resumed operations at its east-west pipeline, potentially boosting exports from the Red Sea port of Yanbu.
In Europe, private sector activity showed signs of recovery, particularly in Germany and France, with both countries reporting increases in their respective PMI indices. However, concerns remain about inflationary pressures and the sustainability of this growth as new orders have not significantly increased.
Watch for potential shifts in oil prices as Saudi Arabia's pipeline operations resume and US-Iran negotiations progress. Monitor how these developments impact European inflation and economic recovery, especially as winter approaches and energy costs rise.