Saudi Shipments Ease Oil Price Fears, But Conflict Risks Remain

Oil prices fell on Thursday, extending losses from the previous session, as Saudi Arabia's additional crude shipments through Oman eased some supply fears.

The Brent crude futures price dropped by $1.09, or 1.03%, to $104.74 a barrel at 0801 GMT on Thursday, while US West Texas Intermediate (WTI) futures fell 83 cents, or 0.81%, to $101.60 a barrel.

The decline in oil prices comes as Saudi Arabia is finding ways to maintain crude shipments despite damage to its oil infrastructure.

Saudi Arabia is offering more crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, according to people familiar with the matter.