Oil Prices Fall as Saudi Arabia Eases Supply Disruptions Concerns

Oil prices fell on Thursday, continuing their decline from the previous day. The drop came as Saudi Arabia offered extra crude cargoes through Oman, easing concerns about supply disruptions in the Middle East.

Brent crude futures dropped $1.24, or 1.2%, to $104.59 a barrel, while US West Texas Intermediate futures fell by $1.14, or 1.1%, at $101.29. These losses were smaller than those seen on Wednesday, when both contracts fell about $3.

Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, attributed the eased concerns to Saudi Arabia's decision to ship cargo via Oman. He also noted that expectations of progress toward easing tensions in the Middle East ahead of the US-China summit next week were capping price gains.