Oil drops amid reduced Saudi supply fears

Oil prices have fallen for the third consecutive week, with Brent crude futures dropping to $103.17 per barrel and West Texas Intermediate futures to $101.30. This represents an approximate 1.4% weekly decline, driven by reduced concerns over a potential supply disruption from Saudi Arabia thanks to efforts to restore pipeline capacity after it was damaged in last week's attack. Despite this, tensions in the Middle East have escalated, which is limiting market risk.

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