Oil Prices Head for Weekly Loss as Saudi Export Fears Ease

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, with West Texas Intermediate at $101. 04 per barrel, both set for a modest loss.