Saudi Oil Offer Eases Supply Concerns, Diesel Prices Stay High

Oil prices slipped on Wednesday after reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about supply disruptions. The move came as European diesel prices hovered near record highs.

Brent crude futures fell by $1.30, or 1.2%, to $107.45 a barrel, while US West Texas Intermediate futures dropped by $1.96, or 1.85%, to $103.87. The price decline was attributed to the increased availability of oil from Saudi Arabia, which had been disrupted due to drone attacks on its oil pipeline.

However, diesel prices remained high, with European gasoil futures reaching a record intraday level before settling at their highest mark since April. Analysts pointed out that diesel's strength reflected a product-specific shortage layered on top of expensive crude.