Crude Oil Prices Fall Across Global Markets Following Saudi Arabia’s Extra Supply Offer, Brent Drops to $105 Per Barrel
NEW YORK: International media reports that global crude oil prices saw a significant drop after Saudi Arabia announced further supplies of crude oil going through Oman.
The details also suggest that the offer from Riyadh has helped to allay the market’s concerns about any possible supply curtailment in the Middle East. Brent crude dropped 1.2 percent to $105 a barrel, as a result.
US crude prices fell and the market moved sideways.The US crude prices dipped and prices moved sideways.
In a similar move, US benchmark crude fell 1.1 percent to $102 a barrel. This sell-off comes after a significant decline of up to $3 per barrel in the previous trading sessions.
The lifting of geopolitical supply concerns has offered some short-term respite for commodity markets, commodity analysts said.