NEW YORK: Oil prices fell on Wednesday after reports that Saudi Arabia was offering additional crude cargoes through Oman eased some concerns about Middle East supply disruptions, while a smaller-than-expected draw in US crude inventories added further downward pressure.
Brent crude futures were down $2.92, or 2.7pc, at $105.83 a barrel by 1:12 p.m. EDT (1712 GMT). US West Texas Intermediate futures were down $3.32, or 3.1pc, at $102.51.
Saudi Arabia is offering more oil loadings 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.-Reuters