Oil Steady After Houthi Attacks on Saudi Arabia Spur Supply Concerns

Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high the previous session due to concerns of further energy supply disruption following Houthi attacks on top exporter Saudi Arabia. Brent crude futures fell 21 cents, or 0.2%, to $112.96 a barrel, while US West Texas Intermediate crude was down 27 cents, or 0.3%, at $98.12. On a weekly basis, WTI was on track to end two weeks of gains, while Brent was set to close higher for a third successive week. Clashes between the Houthis and a Saudi-led coalition have raged since the Iran-aligned group pushed towards Bab el-Mandeb, a shipping chokepoint. In Libya, an oil pipeline valve was shut, reducing production, while Russia said it was ready to resume US-mediated talks with Ukraine next month.