Oil slips as Riyadh offers more crude via Oman

Brent crude slipped $2.92, or 2.7%, to $105.83 a barrel by 1712 GMT on Wednesday, according to The Express Tribune. West Texas Intermediate lost $3.32, or 3.1%, to $102.51. The move followed reports that Saudi Arabia was lining up extra crude shipments through Oman, easing fears of supply disruption in the Middle East.

According to people with knowledge of the plans, the added cargoes would reach Asian refiners via ship-to-ship transfers off Sohar, partly cushioning losses from attacks on the East-West pipeline. UBS analyst Giovanni Staunovo said the signs from Gulf exports indicated that fears of a larger disruption were receding.

Crude had risen more than $3 in the previous session after shipping sources said loadings at Yanbu were suspended and some European cargoes were cancelled. Strikes on the pipeline that feeds Yanbu had triggered that halt. Weaker than expected US crude stock draws added to the downward pressure.