Oil prices extended their decline on Thursday as concerns over supply disruptions following attacks on Saudi Arabia’s key East-West pipeline eased. Brent futures settled at $105.81 per barrel while U.S. crude fell 0.22% to $102.14 per barrel. Riyadh is offering additional crude cargoes to Asian refiners through ship-to-ship transfers near Oman’s Sohar port to cushion the impact on global supplies. Crude loadings at Saudi Arabia’s Red Sea export terminal in Yanbu were halted and the kingdom canceled some shipments to European customers. Market sentiment was reassured by Saudi Arabia’s efforts to find alternative export routes following the Yanbu disruption.
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