Oil declines at week's close Brent at $103.87
Oil prices have declined for the third consecutive week, with the settlement price of Brent at $103.87 per barrel. This followed a reduction in concerns over Saudi supply shortages, due to increased oil shipments via Oman, which helped offset some of the damages caused by attacks on the East-West pipeline. Over the week, Brent decreased by 0.7%, while West Texas Intermediate rose by 0.2%. Despite the price drop, markets still face risks stemming from shipping disruptions in the Strait of Hormuz, one of the world's most crucial oil corridors. Expectations are that improved shipping activity and the resumption of Saudi oil flows may reduce geopolitical premiums and alleviate pressure on prices.
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