Oil’s next test: Saudi Arabia races to restore a key safety valve for prices

What happened

Summary: CNBC reports Saudi Arabia closed its East-West pipeline after a drone attack from Iraq, with analysts warning of a price rally if the outage outlasts a five-to-seven-day inventory cushion.
Key point: CNBC reports the Saudis closed the East-West pipeline after it sustained damage in a drone attack launched from Iraq.
Key point: CNBC reports analysts warn oil prices could rally sharply if the pipeline remains offline beyond an estimated five-to-seven-day inventory cushion.
Key point: CNBC reports oil fell Wednesday as an unexpected rise in U.S. crude inventories outweighed worries over supply disruptions after an Iran-backed attack on the East-West pipeline.
Qualification: CNBC reports the U.S. Energy Secretary told it the Saudi pipeline closure is a brief interruption lasting days.
Qualification: CNBC reports Saudi Arabia is racing to restore what it calls a key safety valve for prices.