Oil Prices Slump for Third Straight Session Amid Saudi Supply Concerns

Oil prices fell at Friday's close, marking their third consecutive session of losses. Brent crude futures dropped 93 cents to settle at $103.87 a barrel, while U.S. West Texas Intermediate (WTI) decreased by $1.62 to $100.30 a barrel.

The decline came as concerns over a potential shortfall in Saudi oil supplies eased after the Kingdom began increasing crude loadings through Oman. This move helped offset part of the supply disruptions caused by attacks on the East-West Pipeline.

Oil prices also faced pressure from higher petroleum product inventories in the United States, Singapore, and Europe, alongside an increase in Chinese fuel exports.