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Oil prices extend losses as fears of Middle East supply disruptions ease
TOKYO: Oil prices fell in early trade on Thursday, extending the previous day’s losses, as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of supply disruptions in the Middle East. Brent crude futures dropped $1.24, or 1.2%, to $104.59 a barrel by 0049 GMT, while US West Texas Intermediate futures were down $1.14, or 1.1%, at $101.29. Both contracts fell about $3 on Wednesday. “Concerns over supply tightness eased slightly following news that Saudi Arabia would ship cargo via Oman,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a...
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