Oil Prices Drop Amid Easing Saudi Supply Concerns
Oil prices fell on Friday, extending losses for a third straight session, as easing concerns over Saudi supply disruptions outweighed anxiety about a widening conflict in the Middle East.
Brent crude futures dropped by $1.65, or 1.6%, to $103.17 a barrel, while U.S. West Texas Intermediate futures were down 61 cents, or 0.6%, at $101.30, according to Reuters.
Analyst Tamas Varga of PVM Oil Associates said that immediate concerns over supply tightness have been eased by Saudi Arabia loading more crude via Oman, a build in oil product inventories in the U.S., Singapore and Europe, and increased fuel exports from China.
The market largely shrugged off concerns even as Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes across their border on Thursday, expanding the Middle East war front.