Saudi Oil Supplies Ease Middle East Disruption Fears

Oil prices declined early on Thursday after Saudi Arabia offered additional crude cargoes through Oman's Sohar port, easing concerns about supply disruptions in the Middle East.

The Brent crude futures traded at $104.59 per barrel after losing $1.24 or 1.2 percent, while US West Texas Intermediate (WTI) crude was sold at $101.29 per barrel after shedding $1.14 or 1.1 percent.

Saudi Arabia's move is expected to partly cushion the impact of attacks on its East-West pipeline, which supplies crude to the kingdom's Red Sea export hub at Yanbu.