Oil Extends Losses on Easing Fears of Supply Disruption
Brent crude fell 1.2% after Saudi Arabia offered extra cargoes via Oman, easing supply fears despite damage to its East-West pipeline.
- Oil prices fell on Thursday as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of supply disruptions in the Middle East.
- Prices hit four-month highs earlier this week after Saudi Arabia suspended loadings at the Red Sea hub of Yanbu following attacks that damaged two East-West pipeline pumping stations.
- Brent crude futures dropped $1.24, or 1.2%, to $104.59 a barrel, while West Texas Intermediate futures fell $1.14, or 1.1%, to $101.29.
- Nissan Securities Investment strategist Hiroyuki Kikukawa said "expectations of progress toward easing tensions in the Middle East" ahead of next week's U.S.-China summit are capping price gains.
- Despite price declines, worries about the intensifying Middle East war remain, though Energy Information Administration data showed crude stocks fell about 640,000 barrels last week versus the 1.62 million-barrel draw analysts expected.
19 Articles
19 Articles
Oil extends losses on easing fears of supply disruption
Oil prices eased today, extending losses on reports of Saudi Arabia offering extra crude cargoes through Oman, which reduced fears of supply disruptions, but stayed above $100 on concerns about the Middle East conflict expanding.
Oil prices extend losses as fears of Middle East supply disruptions ease
By Yuka Obayashi TOKYO, Sept 17 (Reuters) - Oil prices fell in early trade on Thursday, extending the previous day's losses, as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of supply disruptions in the Middle East. B...
Tokyo: Thursday's oil prices declined further from the last session following reports that Saudi Arabia was exposed to additional shipments of crude oil through the Sultanate of Oman, thus calming concerns about the disruption of supplies, but remained above $100 amid concerns about the expansion of the Middle East conflict.
Key takeaways Crude oil prices are falling slightly as concerns about potential disruptions to deliveries in the Middle East begin to subside. At 10:23 a.m., Brent stood at $104.79 per barrel, while WTI was at $101.77 per barrel. Less fear of supply shortage The price correction was largely caused by reports that […]
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