Brent crude oil prices are heading for their first weekly decline since early September

Oil prices have been falling for the third day in a row: On September 18, November Brent contracts dropped by more than 2% to an intraday low of $102.5 per barrel, while U.S. WTI futures for next month’s delivery fell to $100. Overall, for the first time in the past three weeks, Brent prices are heading for a weekly decline, Reuters notes.

Easing concerns among traders regarding supplies from Saudi Arabia outweighed fears about the conflict in the Middle East spreading — following the outbreak of hostilities between Saudi Arabia and the Iran-backed Houthis in Yemen, the agency notes.

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