Oil futures fell Friday, extending a decline after Saudi Arabia declared a partial cease-fire in its conflict with Yemen, potentially easing geopolitical worries in the region.
West Texas Intermediate crude for November delivery fell 58 cents, or 1%, to $55.83 a barrel, while November Brent crude the global benchmark, fell 73 cents, or 1.2%, to $61.01 a barrel.
The Wall Street Journal reported that Saudi Arabia had moved to impose a partial cease-fire in war-torn Yemen as Riyadh and Houthi militants try to bring an end to a four-year war that’s become a flashpoint in a regional confrontation with Iran.
Houthi leaders had initially claimed responsibility for a Sept. 14 attack on production facilities that knocked around 5 million barrels a day of Saudi crude production offline, temporarily sending oil soaring earlier this month. But Saudi, U.S. and European officials have blamed Iran for the attacks, charging that the Houthi claims were an effort to obscure the country's role in the attacks, the Journal noted.
Source : MarketWatch