Oil eases, but set for weekly gain on Mideast supply risks
Oil prices eased on Friday but were heading for weekly gains on uncertainty over Middle East supplies and a larger-than-expected draw from crude stockpiles in the United States. Houthis claim attack targeting Riyadh airport with ballistic missile Brent crude futures fell 50 cents, or 0.47%, to $105.42 a barrel by 0623 GMT, while US West Texas Intermediate crude futures were down 49 cents, or 0.50%, to $97.48. WTI settled up more than 3% on Thursday after a big US crude stock draw on hurricane production shut-ins. For this week so far, Brent increased 0.49%, while WTI jumped 5.91%. IEA suggests members assess need for more diesel releases “Uncertainty in the Middle East and concerns over the sustainability of oil flows through the Strait of Hormuz has the market pricing in a significant risk premium,” ING analysts wrote in a note.