Oil prices were little changed in early Asian trade on Friday, after surging 4% to a five-month high in the previous session due to worry about future oil supply disruptions following Houthi attacks on top producer Saudi Arabia. Brent crude futures fell 21 cents, or 0.2 percent, to $112.96 a barrel as of 0030 GMT, while US West Texas Intermediate crude fell 27 cents, or 0.3 percent, to $98.12.
Weekly, WTI was expected to finish lower after two weeks of gains. Brent reached its highest level since May 4 on Thursday and is expected to close higher for the third consecutive week. Clashes between the Houthis and a Saudi-led coalition supporting Yemen’s internationally recognised government have raged since the Iran-aligned Houthis surged near Bab al-Mandab, a shipping chokepoint at the mouth of the Red Sea. The National Oil Corporation’s head confirmed to Reuters on Thursday that an oil pipeline valve connecting the Hamada and Tahara oilfields to Zawiya port had been shut off, reducing production at both fields.
Russia has agreed to resume US-mediated negotiations with Ukraine next month, after President Vladimir Putin hosted US ambassador Steve Witkoff in St. Petersburg. Ukrainian President Volodymyr Zelensky expressed hope that the first negotiations since February would take place in early November.
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