Oil Falls Third Day Brent Below 140
Oil prices declined for the third consecutive session, with Brent falling to $103.77 and U.S. crude to $100.88, although both remained above the $100 level. This comes amid hopes of possible resumption of alternative supplies despite rising tensions between Saudi Arabia and the Houthis in Yemen, as well as attacks on Saudi oil pipelines. The Yanbu pipeline was damaged, threatening to cut oil supplies by up to 4%. Saudi Arabia is compensating for the shortfall by shipping additional quantities to Asia. Meanwhile, sources anticipate that oil flows may resume within a few days, all amid prevailing uncertainty that limits clarity about the future of the oil market.
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