Oil Prices Decline Amid Hopes for Alternative Supply Routes
Oil prices declined by about one percent on Friday, extending losses for a third session, but remained above $100 as hopes of alternative supply routes outweighed concerns about strikes in the Middle East.
Brent crude futures fell $1.01, or one percent, to $103.77 per barrel, while US West Texas Intermediate futures dropped $1.03, or one percent, to $100.88 per barrel.
The price drop came despite concerns about supply disruptions due to the ongoing conflict between Saudi Arabia and Yemen's Houthis, as well as damage to Saudi Arabia's East-West pipeline, which was attacked last week.
Saudi Arabia has been seeking to return half of its East-West oil pipeline capacity within days, while offering more crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port to offset the disruption.