Oil drops below $105 per barrel
Global oil prices have declined, with Brent crude falling below $105 per barrel and West Texas Intermediate around $101, due to additional Saudi supplies through Oman, which alleviate fears of supply disruptions in the Middle East. Reports indicate that Saudi Arabia has dispatched extra oil shipments to Asian refineries, easing market pressures despite ongoing concerns over escalating conflict in the region and rising tensions between Yemen and Saudi Arabia. Additionally, data from the U.S. Energy Information Administration showed that American oil inventories decreased by less than expected, dropping by 640,000 barrels compared to forecasts of a 1.62 million barrel decline.
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