Oil Prices Decline Amid Eased Supply Disruption Concerns

Oil prices declined for a third consecutive day on Friday as concerns over supply disruptions eased. Brent crude futures fell by 79 cents, or 0.75%, to $104 a barrel, while US West Texas Intermediate (WTI) futures dropped by 70 cents, or 0.69%, to $101.20 a barrel.

The decline comes despite fresh fighting between Saudi Arabia and Yemen's Houthis, which raised concerns about supply disruptions in the region. However, markets seem to be shrugging off these concerns, with Brent prices on track for their first weekly loss in three.

Analysts point to recent efforts by Saudi Arabia to restore its export capacity as a reason for the decline in oil prices. The country has been seeking to return about half of its East-West pipeline's capacity within days and is offering more crude cargoes to Asian refiners through ship-to-ship transfers off Oman's port of Sohar.

While prices have cooled off, they remain high due to ongoing supply anxiety in the region. Analysts are waiting for evidence of a clear supply improvement before reassessing oil prices.