Saudi Supply Worries Ease, Oil Prices Fall

Oil prices declined on Friday as concerns over Saudi supply disruptions eased, outweighing anxiety about expanding conflict in the Middle East.

Brent crude futures fell by $1.88 to $103.94 a barrel, while U.S. West Texas Intermediate futures were little changed at $102.15. Benchmark Brent prices are tracking their first weekly loss in three weeks, down 0.8%.

PVM Oil Associates analyst Tamas Varga stated that immediate concerns over supply tightness have been alleviated by Saudi Arabia loading more crude via Oman, a build in oil product inventories in the U.S., Singapore, and Europe, as well as increased fuel exports from China.