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Oil drops as Saudi Arabia ships via Oman
Oil prices fell today (Wednesday) due to a decrease in concerns about Middle Eastern supplies. Reports indicated that Saudi Arabia is offering additional oil shipments to Asian refineries through transfer operations off the port of Sohar in Oman. Brent crude declined by 3.3% to reach $105.12 per barrel, while US crude dropped by 3.9% to $101.72. Additionally, shipping data showed a decrease in the number of ships passing through the Strait of Hormuz, with only 4 ships crossing yesterday compared to 7 the day before, and below the average over the past ten days. This contributed to the price decline. The market was also influenced by the US Energy Information Administration's report, which showed that crude oil inventories decreased less than expected for the week ending September 11.
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