Oil prices fall as Saudi supply improves, Brent at $105.83

  • Oil prices declined as Saudi supply routes improved and U.S.-Houthi dialogue eased disruption concerns.
  • $105.83 was Brent’s price, while WTI fell 0.2% to $102.21.
  • Brent remained up 1.2% for the week after reaching nearly $110.

Oil prices extended their recent decline as reports of increased Saudi supply flows through Oman and U.S.-Houthi dialogue eased some concerns about Middle East disruptions. Brent futures fell slightly to $105.83 a barrel by 21:36 ET (01:36 GMT), while West Texas Intermediate futures declined 0.2% to $102.21. A stronger dollar added pressure after the Federal Reserve raised interest rates by 25 basis points to 4.0%, with Chairman Kevin Warsh warning that inflation remained too high and signaling that further increases were likely in the coming months. Losses were limited by continued U.S.-Iran tensions, shipping through the Strait of Hormuz remaining at a fraction of prewar levels, and a third consecutive weekly draw in U.S. crude inventories. Brent had reached nearly $110 a barrel earlier in the week after a major Houthi offensive against Saudi Arabia, and remained up 1.2% for the week.

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