Oil prices edge lower as Saudi supply concerns ease; WTI settles above $101

Oil prices fell for a second straight day Thursday (local time) as concerns over disruptions to Saudi Arabia's crude supply eased somewhat.

Brent crude futures for November delivery settled down 0.95 percent at $104.82 a barrel on the London ICE Futures Exchange. West Texas Intermediate futures for October delivery closed 0.51 percent lower at $101.91 a barrel on the New York Mercantile Exchange.

Prices came under downward pressure after reports emerged that Saudi Arabia had arranged to supply additional crude cargoes to Asian refiners through ship-to-ship transfers near Sohar Port in Oman. The move is expected to partially offset export disruptions caused by the shutdown of the East-West Pipeline following a recent drone strike.

Adding to the calmer mood, Saudi Arabia moved quickly to repair the damaged pipeline and could restore some of its capacity within days, helping ease market anxiety.

However, further declines were limited by persistent geopolitical risks in the Middle East, including continued clashes between Saudi Arabia and Yemen's Houthi rebels and a drop in vessel traffic through the Strait of Hormuz.