Gas prices in Europe are also falling, down 0.6 percent to around 77.50 euros per megawatt hour.
An announcement from Saudi Arabia that the important oil pipeline through the country could begin to be put back into service within a few days and be fully operational within six weeks has pleased the market.
The price of crude oil has risen by almost 75 percent since the turn of the year as a result of major supply disruptions from the Middle East war and the war in Ukraine.
The damaged oil pipeline through Saudi Arabia has, as a result of greatly reduced energy supplies through the Strait of Hormuz from the oil-producing countries around the Persian Gulf, been an important alternative route for the Saudis to export oil during the Iran war.
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