Oil falls for third session amid hopes that supply disruptions will ease

Oil prices fell today, Friday, for the third consecutive session, as easing concerns about potential disruptions to Saudi supplies alleviated worries about the widening conflict in the Middle East.

Brent crude futures dropped $2.34, or 2.23%, to $102.48 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined $1.98, or 1.94%, to $99.93 per barrel. Both benchmark crudes fell by approximately 1% at Thursday’s settlement. Brent is on track for its first weekly loss in three weeks, down 0.5%, while WTI is expected to post gains of 1.2%.