Brent Crude Oil Prices Fall as Saudi Supply Fears Ease

Brent crude oil prices fell by $2.14 to $102.68 per barrel on Friday, extending losses for a third consecutive session.

The decline in Brent crude oil was largely due to easing concerns over an immediate shortage of Saudi Arabian supplies despite ongoing conflict across the Middle East.

Saudi Arabia is working to restore about half of the damaged East-West pipeline's capacity within days while using alternative routes to maintain exports, which has alleviated some of the market's fears.

Rising petroleum product inventories in the United States, Singapore, and Europe have also contributed to the downward pressure on crude prices.