Oil slips as Saudi Arabia offers more crude via Oman
Diesel has become the top concern in global oil markets as tensions escalated in recent weeks
Oil prices slipped on Wednesday after Saudi Arabia offered additional crude shipments through Oman, easing concerns about Middle East supply disruptions. Brent crude futures fell 2.7% to $105.83 a barrel, while US West Texas Intermediate futures declined 3.2% to $102.43. The move came as US crude inventories drew less than expected, adding downward pressure on prices.
Saudi Arabia is shipping crude via ship-to-ship transfers off Oman’s Sohar port, alleviating some supply concerns from attacks on the country’s East-West pipeline to the Red Sea. Analysts noted that the data did little to change the market's bullish stance, as violence continues in the Middle East.
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