Crude falls to $103 as Middle East risks ease

Oil prices dropped to their lowest level in a week, falling by about two percent, as concerns over disruptions to Middle East crude supplies eased. Brent crude futures declined by $2.67, or 2.5 percent, to $103.13 a barrel, while US West Texas Intermediate crude fell by $1.61, or 1.6 percent, to $100.82 a barrel. The decline came after Saudi Arabia offered additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman’s Sohar port, which is expected to offset some of the disruption caused by attacks on Saudi Arabia’s East-West oil pipeline.

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