Crude oil prices were on course for a weekly decline after a three-week series of gains, as traders' fears about Saudi Arabia's ability to continue exporting oil appeared to have been quelled by reports about ship-to-ship transfers in the Gulf of Oman. At the time of writing, Brent crude was trading at $103.65 per barrel,...
Fears about Saudi oil exports arose after the Yemeni Houthis attacked the East-West pipeline that carried Saudi oil to the Red Sea, and from there to global markets. Because of this, Saudi Arabia earlier this week canceled several cargoes of crude that were supposed to be shipped to Europe.
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