Oil falls 1pc

Oil prices eased about 1 percent on Thursday, yet Brent and WTI both remained above USD100 a barrel, according to Business Recorder. Traders balanced fresh Saudi-Houthi hostilities against reports that extra Saudi barrels could reach world markets. Brent futures ended USD1.01 lower, a decline of 0.95 percent, at USD104.82 per barrel, while WTI lost 52 cents, or 0.5 percent, to USD101.91.

Earlier in the session, Brent slid by more than USD3 at one point, reaching its weakest level since September 10, while WTI also dropped past USD3 to a low not seen since September 11. Reports pointed to extra Saudi crude cargoes for Asian buyers, loaded by ship-to-ship transfer near Oman's Sohar port, which is expected to offset some of the pipeline disruption. Bloomberg added that Saudi Arabia is seeking to restore roughly half of its East-West pipeline capacity within days, after flows stopped last week following drone attacks.

Exness strategist Christopher Tahir said the physical market remains tight, limiting room for further declines, while fewer tankers are passing the Strait of Hormuz. DBS Bank of Singapore assumes that in the fourth quarter tensions between the US and Iran will ease, which would let Brent hold between USD85 and USD95 a barrel. Diesel is also under strain, as European gasoil futures and US ultra-low sulfur diesel contracts both closed Tuesday at record highs.