Saudi Supply Fears Ease, Oil Prices Fall for Third Straight Day
Oil prices continued their downward trend for the third consecutive session on September 18, as concerns about a major Saudi supply interruption eased. WTI crude dropped to approximately $101.30 per barrel, down 0.60% from Thursday's official settlement of $101.91.
Brent crude also declined, reaching around $103.17 per barrel, which is a decrease of 1.57% from Thursday's settlement of $104.82. This marks Brent's first weekly loss in three weeks, with an approximate 1.4% decline for the week.
The market's focus has shifted away from the possibility of an immediate Saudi export crisis and towards improving alternative crude flows, rising petroleum-product inventories, and increased Chinese fuel exports. However, the Strait of Hormuz and the broader Middle East conflict remain significant upside risks.