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Commodities

Oil Prices Slide on Saudi Crude Cargo Relief

Guavy AI Editorial Team
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Oil
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Oil prices dropped in early trade on Thursday after Saudi Arabia offered extra crude cargoes through Oman, easing concerns over supply disruptions in West Asia.

Brent crude futures fell $1.24, or 1.2 per cent, to $104.59 a barrel by 0049 GMT, while US West Texas Intermediate (WTI) futures were down $1.14, or 1.1 per cent, at $101.29.

The decline comes after oil prices rose to about four-month highs earlier in the week due to concerns over supply tightness.

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

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