Saudi Pivot and API Data Send WTI Prices Tumbling

WTI oil prices have declined to around $100 per barrel as Saudi Arabia is offering additional crude cargoes via Oman, helping to cool anxiety surrounding Middle Eastern supply disruptions.

Saudi's state energy producers are arranging ship-to-ship transfers off Oman's Sohar port for Asian refiners in a bid to bypass infrastructure damage caused by recent drone strikes on Saudi Arabia's critical pipeline to the Red Sea.

US crude inventories surged by 7.1 million barrels for the week ending September 11, according to American Petroleum Institute (API) figures, sharply contradicting market expectations of a drawdown of roughly 1.6 million barrels.