Oil Prices Decline for the Week as Saudi Export Concerns Subside
Source Summary
Crude oil prices are heading for a weekly loss after three consecutive weeks of gains, as concerns about Saudi Arabia's export capacity have eased following reports of ship-to-ship transfers in the Gulf of Oman. Brent crude was trading at $103.65 per barrel and West Texas Intermediate at $101.04 per barrel, both down modestly for the week but remaining above $100 per barrel.
Why it matters
Oil prices above $100 per barrel continue to exert upward pressure on fuel costs for consumers and businesses globally.
