Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia
USO•Brent crude futures slipped 0.2% to $112.96 a barrel and U.S. West Texas Intermediate fell 0.3% to $98.12 after oil rose 4% to a five-month high. Supply concerns followed Houthi attacks on Saudi Arabia and a shutdown of a Libyan oil pipeline valve.
1. Prices edge lower
Oil prices were little changed in early Asian trade on Friday after rising 4% to a five-month high in the previous session. Brent crude futures fell 21 cents to $112.96 a barrel, while U.S. West Texas Intermediate crude dropped 27 cents to $98.12.
2. Supply disruptions
Saudi Aramco reportedly ordered the evacuation of its headquarters in Dhahran on Thursday as fighting intensified between Saudi Arabia and Yemen-based Houthis. The clashes have raged as the Houthis pushed toward Bab el-Mandeb, a shipping chokepoint at the mouth of the Red Sea. In Libya, a pipeline valve linking the Hamada and Tahara oilfields to Zawiya port was shut, reducing production at both fields, the National Oil Corporation chief said.
3. Weekly outlook
WTI was on track to end two weeks of gains with a weekly decline, while Brent was set to close higher for a third consecutive week. Russia said it was ready to resume U.S.-mediated talks with Ukraine next month; Ukrainian President Volodymyr Zelenskiy said he hoped negotiations would take place early in November.
