Saudi Disruption Concerns Ease, Oil Prices Fall for Third Day
Oil prices declined for a third consecutive day on Friday due to easing concerns over disruptions to Saudi Arabia's oil supplies. The decline outweighed fears over the widening conflict in the Middle East, according to Reuters.
Brent crude futures fell $0.79, or 0.75%, to $104 a barrel by 03:19 GMT, while US West Texas Intermediate (WTI) crude dropped $0.70, or 0.69%, to $101.20 a barrel.
The decline in oil prices on Friday came despite new strikes between Saudi Arabia and Yemen's Houthis along their border, which had initially raised concerns over fresh threats to oil supplies. However, markets have largely shrugged off these concerns, with Brent crude on track for its first weekly decline in three weeks, down 0.5% so far this week.
Saudi Arabia is seeking to restore about half of the damaged East-West oil pipeline's capacity within days and has been offering more crude cargoes to Asian refiners through ship-to-ship transfers. This has helped ease concerns over disruptions to oil supplies, contributing to the decline in oil prices.