Oil Prices Fall Despite Fears of Saudi Supply Disruptions

Global crude oil prices edged lower after rising for several consecutive sessions, as markets weighed the risk of supply disruptions following attacks in Saudi Arabia against the prospect of increased diesel exports from Russia.

Brent crude futures fell 61 cents, or 0.57%, to $106.04 a barrel at midnight GMT on Tuesday. US West Texas Intermediate (WTI) crude futures declined 47 cents, or 0.5%, to $93.27 a barrel.

Oil prices had risen by nearly $2 on Monday. Brent crude settled at $106.65 a barrel, its highest closing price since September 15.

Analysts say concerns that attacks in Saudi Arabia could disrupt oil supplies are putting upward pressure on prices. However, the prospect of increased diesel exports from Russia is raising hopes of improved supply, helping to limit gains in the market.

The competing supply concerns have contributed to fluctuations in global oil prices.