Saudi Crude Cargoes Offset Pipeline Disruptions, Oil Prices Fall

Oil prices fell by about two percent on Thursday to their lowest level in one week as concerns over disruptions to crude supplies from the Middle East eased.

Brent crude futures declined by $2.67, or 2.5 percent, to $103.13 a barrel, down from $105 on Wednesday, according to Reuters.

The decline 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, which transports crude to the Red Sea export hub of Yanbu.