Saudi Arabia Eases Crude Supply Worries Amid Pipeline Damage

Oil prices dipped to their lowest level in a week on Thursday as concerns over disruptions to crude supplies from the Middle East eased. Brent crude futures declined by $2.67, or 2.5 per cent, to $103.13 a barrel.

The drop came after reports that Saudi Arabia was offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port. This move is expected to offset some of the disruption caused by attacks on Saudi Arabia's East-West oil pipeline.

Saudi Arabia is also seeking to restore about half of the pipeline's capacity within days, according to a Bloomberg report cited by Reuters. US Energy Secretary Chris Wright had earlier indicated that the pipeline could return to service within days.