Oil prices fell after reports that Saudi Arabia was offering more crude cargoes via Oman eased some concerns about Middle East supply disruptions, and a smaller-than-expected draw from the US crude stockpile added more downward pressure, reports Reuters.
Brent crude futures were down $3.63, or 3.3 per cent, at $105.12 a barrel by 1523 GMT. US West Texas Intermediate futures were down $4.11, or 3.9pc, at $101.72.
Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfers off Oman’s Sohar port, people familiar with the matter said, blunting some of the hit to global supply from attacks on the country’s East-West pipeline to the Red Sea.
“News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing,” said UBS analyst Giovanni Staunovo.
