Oil Prices Slide as Saudi Supply Disruptions Eased

Oil prices fell for a third straight session on Friday as concerns over Saudi supply disruptions eased. Brent crude futures dropped by $2.14, or 2%, to $102.68 per barrel, while U.S. West Texas Intermediate futures fell $1.83, or 1.8%, to $100.08.

The market had been bracing for tighter supplies after Saudi Arabia suspended loadings at its Red Sea export hub and cancelled some deliveries to Europe. However, reports that the country was seeking to restore half of its East-West pipeline's capacity within days helped calm nerves.

Additionally, Chinese exports of refined oil products rose 12.7% year-on-year in August, with jet fuel exports reaching a record high. China is expected to continue easing export controls in September, allowing it to profit from higher overseas margins.