Oil settles at nearly two-month low, posts weekly loss
Oil drilling rigs
Oil prices fell on Friday, with Brent crude settling at its lowest level since April 20, as hopes grew for a US-Iran agreement to end the war in the Middle East.
Following US President Donald Trump's announcement on Thursday that a settlement had been reached with Iran, media reports indicated that Washington and Tehran could sign a memorandum of understanding within days.
At the same time, analysts warned that global oil inventories remain low, meaning any prolonged disruption to supplies through the Strait of Hormuz could continue to fuel price volatility even if an agreement is reached, Reuters reported.
|
Benchmark crude futures prices |
||||
|
Crude |
Price ($/bbl) |
Change ($) |
Change (%) |
Weekly Performance |
|
Brent (August) |
87.33 |
(3.05) |
(3.37%) |
(6.18%) |
|
WTI (July) |
84.88 |
(2.83) |
(3.23%) |
(6.25%) |
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