Saudi Oil Exports Eased Amid Pipeline Disruptions

Oil prices fell on Wednesday after reports that Saudi Arabia was offering more crude cargoes via Oman eased concerns about Middle East supply disruptions.

The move blunted some of the hit to global supply from attacks on the country's East-West pipeline to the Red Sea, which had suspended crude loadings at Saudi Arabia's Red Sea export hub of Yanbu.

Brent crude futures were down $3.63, or 3.3%, at $105.12 a barrel by 11:23 a.m. EDT (1523 GMT), while U.S. West Texas Intermediate futures were down $4.11, or 3.9%, at $101.72.

Analyst Giovanni Staunovo said news around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing.