Oil prices continue to ease, extending losses as reports of additional Saudi crude cargoes through Oman eased supply concerns, though prices stayed above $100 a barrel on fears the Middle East conflict could widen, Reuters notes.
Brent crude futures were down $1.50, or 1.42pc, to $104.33 a barrel at 3pm PKT, while US West Texas Intermediate futures were down $1.09, or 1.06pc, at $101.34 a barrel. Both contracts fell about $3 yesterday.
Crude retreated from weekly highs after US Energy Secretary Chris Wright signalled a quicker return to service for Saudi Arabia’s East-West pipeline, while Saudi efforts to maintain shipments via additional loadings off Oman eased supply worries, said Tim Waterer, chief market analyst at KCM Trade.
