Oil Prices Fall Amid Hopes for Alternate Supply Routes
Oil prices fell about 1% on Friday, extending losses for a third session, as hopes of alternate ways for barrels from the Middle East to reach markets outweighed concerns about strikes between Saudi Arabia and Yemen's Houthis.
The Brent crude futures price dropped $1.01, or 1%, to $103.77 a barrel by 0020 GMT, while US West Texas Intermediate futures fell $1.03, or 1%, to $100.88 a barrel.
Despite concerns about new threats to supplies, markets largely shrugged off the issue as Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes across their border on Thursday.
The East-West pipeline in Saudi Arabia was damaged in an attack last week, and sources have given varying estimates of how long it will take to reopen the pipeline and return crude flows to normal.