Oil Prices Dip on Eased Concerns Over Saudi Supply Disruptions

Oil prices declined for the second consecutive day on Thursday as reports of Saudi Arabia's plans to ship additional crude cargoes through Oman alleviated concerns over potential supply disruptions in the Middle East.

The Brent crude futures contract dropped by $1.24, or 1.2%, to $104.59 a barrel, while the U.S. West Texas Intermediate futures contract was down by $1.14, or 1.1%, at $101.29.

The price decline comes after Wednesday's losses, when both contracts fell about $3.

'Concerns over supply tightness eased slightly following news that Saudi Arabia would ship cargo via Oman,' said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.