Oil Prices Slide as Saudi Supply Concerns Ease

Oil prices dropped for the third consecutive day on Friday, putting Brent crude on track for its first weekly decline in three weeks.

The decline was attributed to easing concerns about a Saudi supply shortage and increased availability of refined products in global markets.

Brent fell 1.54% to $103.21 a barrel, while US West Texas Intermediate futures declined 0.58% to $101.32.

Saudi Arabia's ability to transport oil via Oman has reduced the risk of an immediate supply shortage, and efforts are underway to restore half of the damaged East-West pipeline's capacity.

China's refined-product exports also rose 12.7% in August, with jet-fuel exports reaching a record high.