Oil slips as Riyadh offers more crude via Oman

Oil prices fell on Wednesday after reports that Saudi Arabia was offering additional crude cargoes through Oman eased some concerns about Middle East supply disruptions, while a smaller-than-expected draw in US crude inventories added further downward pressure. Brent crude futures were down $2.92, or 2.7%, at $105.83 a barrel by 1712 GMT. US West Texas Intermediate futures were down $3.32, or 3.1%, at $102.51. Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfers off Oman's Sohar port, people familiar with the matter said, blunting some of the hit to global supply from attacks on the country's East-West pipeline to the Red Sea. "News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing," said UBS analyst Giovanni Staunovo. Oil prices had gained more than $3 in the previous session after shipping industry sources said crude loadings at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers. The suspension followed strikes on the East-West pipeline, which feeds the Saudi port of Yanbu.