Oil ticks lower as Russia diesel supply prospects counter Gulf supply risks

What happened: Oil prices edged lower as traders weighed supply risks from attacks on Saudi Arabia against the prospect of additional diesel supplies from Russia. Key numbers: Brent fell 61 cents, or 0.57 per cent, to $106.04 a barrel by 0000 GMT. WTI was down 47 cents, or 0.5 per cent, at $93.27. Why it matters: Analysts said extra Russian diesel and steadier Saudi flows offer some relief, but the market remains more worried about further hits to Gulf ships or pipelines. OPEC said shipping and insurance costs have surged to over one-third of the commodity value. Coverage: 5 outlets in 24h

Oil prices edged lower as traders weighed supply risks from attacks on Saudi Arabia against the prospect of additional diesel supplies from Russia.

Analysts said extra Russian diesel and steadier Saudi flows offer some relief, but the market remains more worried about further hits to Gulf ships or pipelines. OPEC said shipping and insurance costs have surged to over one-third of the commodity value.