Saudi Arabia's Oil Cargoes via Oman Ease Middle East Supply Concerns

Oil prices continued their decline on Thursday, falling further from the previous session's losses. The drop was largely attributed to reports that Saudi Arabia was offering additional crude cargoes via Oman, which helped ease concerns over supply disruptions in the Middle East.

Brent crude futures dropped $1.24, or 1.2%, to $104.59 a barrel, while U.S. West Texas Intermediate futures fell $1.14, or 1.1%, to $101.29. The decline was also influenced by expectations of potential progress in easing regional tensions ahead of the upcoming U.S.-China summit.

Saudi Arabia's decision to provide more loadings of crude to Asian refiners through ship-to-ship transfers off Oman's Sohar port has partially offset the impact of attacks on the kingdom's East-West pipeline. The pipeline damage had suspended loadings at Yanbu and affected some cargo deliveries to European customers.