Oil Prices Fall as Saudi Arabia Offers More Crude Cargoes Through Oman

Oil prices fell on Wednesday after Saudi Arabia's move to offer more crude cargoes through Oman eased concerns about Middle East supply disruptions.

The Brent crude futures price dropped by $2.92, or 2.7%, to settle at $105.83 a barrel, while US West Texas Intermediate futures fell $3.40, or 3.2%, to close at $102.43.

The additional loadings of crude oil were made available to Asian refiners via ship-to-ship transfers off Oman's Sohar port, according to people familiar with the matter.

This development came after a smaller-than-expected draw in US crude inventories last week added further downward pressure on oil prices.