Oil Prices Slide as Saudi Arabia Offers Alternative Export Routes via Oman

Oil prices fell during morning trading on September 17 as concerns about supply disruptions in the Middle East eased somewhat.

The market was influenced by reports that Saudi Arabia was offering additional volumes of crude for shipment via Oman, which is easing immediate supply fears.

Brent crude futures dropped by $1.24, or 1.2%, to $104.59 a barrel, while U.S. crude lost $1.14, or 1.1%, to trade at $101.29 a barrel.

Saudi Arabia is seeking alternative export routes after attacks on the East-West oil pipeline damaged two pumping stations, and the exact repair timeline remains unknown.