Oil prices moved lower again on Thursday as fresh Saudi crude offers reduced some of the market’s immediate concern about supply disruptions in the Middle East.
Brent and U.S. crude both declined in early trading after Saudi Arabia offered additional cargoes to Asian buyers through ship-to-ship transfers near Oman’s Sohar port. The move helped offset worries created by damage to the kingdom’s East-West pipeline and disruptions around the Red Sea export route.
Geopolitical risk remains high, but traders are now balancing those threats against new supply options and signs that U.S. inventories fell by less than analysts had expected.
