Saudi Oil Flows Ease Supply Concerns, Oil Prices Fall

Oil prices fell on Thursday as Saudi Arabia offered additional crude cargoes through Oman, easing supply concerns. Brent crude futures declined 1.8% to $103.95 a barrel, while U.S. West Texas Intermediate (WTI) futures fell 1.7% to $100.66 a barrel.

The decline followed a roughly $3 drop in both contracts on Wednesday, when oil prices had reached four-month highs after disruptions affected Saudi Arabia's Red Sea export operations.

Analysts said the flows would only partially offset lost exports linked to damage affecting the kingdom's East-West pipeline.