Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had reached a potential deal
Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had reached a potential deal to extend a ceasefire.
Brent crude futures for July LCOc1 fell 1.32% or $1.24 to $92.47 a barrel at 0656 GMT. U.S. oil futures CLc1 fell $1.38, or 1.55%, to $87.52 a barrel.
Brent has plunged 10.5% this week - the steepest fall since the week that ended on April 6, while WTI has dropped 9.2% - the biggest weekly loss since the week that ended on April 13.
Ceasefire Agreement
The U.S. and Iran reached an agreement on Thursday to extend a ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.
"Consensus remains that the conflict is over, and a deal is coming. As long as this narrative holds, crude oil has room to extend its decline toward trendline support in the low $80s," IG analyst Tony Sycamore said.
Prices have been volatile in recent sessions, swinging by
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