REUTERS, Houston

Crude prices fell by more than 3 percent on Friday, on course for steep weekly losses, as oil tankers kept exiting the Strait of Hormuz, easing supply concerns the day after a cargo vessel was hit near Oman.

Brent crude futures settled at $71.99 a barrel, down $3.27, or 4.34 percent. US West Texas Intermediate finished at $69.23 a barrel, down $2.69 or 3.74 percent.

Since the market closed last Thursday, the Brent benchmark fell 10.86 percent, while WTI fell 9.62 percent for the week. The market closed for a public holiday last Friday.

“There is a growing sense that oil is going to keep moving through the Strait of Hormuz,” said Phil Flynn, senior analyst with Price Futures Group. Prior to the agreement on 60-day ceasefire, markets worried supplies would fall short of demand, but those fears seem to be passing.

“The predominant view, it appears, remains one of imminent oversupply,” said PVM analyst Tamas Varga. “We’re going to get a flood of oil,” Flynn said. “I think we’re going to see a huge flood of products.”

Oil giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a nearly four-month halt, shipping data from LSEG showed.

Two very large crude carriers (VLCCs), which can load cargoes of 2 million barrels, took on crude at the terminal while another waited nearby, the data showed.

“There is a general selloff as the market reacts to the increased flows exiting the Strait of Hormuz and China not yet picking up crude demand,” said June Goh, senior oil market analyst at Sparta Commodities.