Oil Prices Slip 2% Amid Eased Concerns Over Saudi Supply Disruptions

Oil prices fell by 2% on Friday as concerns over Saudi supply disruptions eased. Brent crude futures dropped $2.14, or 2%, to $102.68 a barrel by 0806 GMT.

U.S. West Texas Intermediate futures also declined, falling $1.83, or 1.8%, to $100.08. The benchmark Brent price is on track for its first weekly loss in three.

PVM Oil Associates analyst Tamas Varga attributed the decline to a combination of factors, including Saudi Arabia loading more crude via Oman and increased fuel exports from China.

Despite ongoing tensions in the Middle East, markets largely shrugged off concerns about supply tightness. Prices had climbed earlier in the week on reports that Saudi Arabia's Red Sea export hub of Yanbu had suspended crude loadings.