Oil Prices Slide as Saudi Arabia Eases Supply Fears

Oil prices continued their downward trend on Thursday, losing $1.24 for Brent crude futures to reach $104.59 a barrel and $1.14 for U.S. West Texas Intermediate futures at $101.29.

The decline comes after reports that Saudi Arabia would offer extra crude cargoes through Oman, easing fears of supply disruptions in the Middle East.

Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, attributed the decrease to concerns over supply tightness being alleviated following news of Saudi Arabia's shipment plans.

The move is seen as a response to attacks on the East-West pipeline, which feeds the Saudi port of Yanbu. The suspension of crude loadings at Yanbu had pushed oil prices to four-month highs earlier this week.