Oil Prices Fall 2% on Eased Supply Concerns

Oil prices fell by 2% on Friday, marking their third consecutive day of losses as concerns over Saudi supply disruptions eased.

Brent crude futures dropped $2.14 to $102.68 a barrel, while US West Texas Intermediate futures declined $1.83 to $100.08.

The decline was attributed to increased oil product inventories in the US, Singapore, and Europe, as well as higher fuel exports from China.

PVM Oil Associates analyst Tamas Varga stated that 'immediate concerns over supply tightness have been eased,' but warned that prices may not fall below $100 a barrel.