- Oil prices fell as supply concerns in the Middle East eased.
- Brent crude futures decreased by 72 cents, reaching $103.53 per barrel.
- West Texas Intermediate futures dropped by 52 cents, settling at $90.97.
- Brent crude is on track for weekly gains, while WTI may see a decline.
Oil Prices Decline Amid Easing Supply Concerns in the Middle East
Oil prices fell on Friday as concerns over Middle Eastern supplies diminished. This shift followed statements from U.S. President Donald Trump regarding Iran, which helped calm global market anxieties.
Trading Data
According to trading data:
- Brent crude futures dropped by 72 cents, or 0.7%, reaching $103.53 per barrel by 02:20 GMT.
- West Texas Intermediate (WTI) futures decreased by 0.6%, equivalent to 52 cents, settling at $90.97.
Weekly Trends
Brent crude is on track for weekly gains after rising by 4% at Thursday’s close. In contrast, WTI is expected to record a slight weekly decline, despite supply disruptions caused by a hurricane approaching the U.S. Gulf Coast, the world’s largest oil producer.
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