Oil prices extend losses as fears of Middle East supply disruptions ease

Oil prices fell further on Thursday, building on losses from the day before, largely influenced by Saudi Arabia's promise of more crude. Reports of shipments transported through Oman alleviated some supply worries, and hopes for decreased tensions in the Middle East kept prices from rising. However, with U.S. crude inventories showing a smaller-than-expected draw last week, fears over the escalating conflict in the region still loom large.

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