Oil Prices Plummet on Rebound in Middle East Supplies

Oil prices dropped on Friday as market participants refocused on signs of recovering supplies from the Middle East. Brent crude fell by $0.70, or 0.7%, to $101.61 a barrel after posting a slight gain in early trading.

The U.S. West Texas Intermediate crude dropped by $0.85, or 0.9%, to $92.02 a barrel. Both benchmarks were on track to post weekly losses.

The market's attention was drawn back to the supply side after Thursday's rise, which had been driven by reports that Chinese refiners had suspended exports of petroleum products for October as Beijing seeks to maintain domestic inventories.

However, renewed tensions between the United States and Iran provided some support for prices. The Trump administration is considering resuming strikes against Iran, while a U.S. aircraft carrier and up to 10,000 additional troops are being sent to the Middle East.