Oil Prices Slip on Saudi Supply and US Inventory Data
Oil prices fell as Saudi Arabia offered additional crude cargoes through Oman to ease supply concerns. A smaller-than-expected draw in US crude inventories added further downward pressure on the market.
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Brent Crude Oil futures fell $2.92, or 2.7%, to settle at $105.83 a barrel on Wednesday. The drop followed reports that Saudi Arabia was offering additional crude cargoes through Oman to ease supply concerns. Prices retreated from earlier gains as global markets weighed alternative export routes against ongoing Middle East tensions.
