Oil settles higher, Brent records weekly loss
Oil settles higher as investors monitor US-Iran talks, while Brent posts a weekly decline.
Global benchmark crude futures ended higher on Friday as investors awaited the outcome of ongoing US-Iran talks, which have raised hopes for continued de-escalation and uninterrupted oil flows through the Strait of Hormuz.
Markets are watching efforts to formalize a memorandum of understanding between the two sides, despite lingering disagreements over shipping management and transit fees in the Strait of Hormuz. Some shipping operations through the waterway have already resumed following recent military tensions.
Trading activity in the oil market remained subdued due to the US Independence Day holiday.
The settlement price for NYMEX crude futures had already been determined on Thursday under the holiday trading schedule.
US crude for August delivery settled up 11 cents, or 0.16%, at $68.69 a barrel on Thursday, but posted a weekly loss of 0.78%.
|
Crude |
Price (USD/bbl) |
Change (USD) |
Change (%) |
Weekly Performance |
|
|
Brent (September delivery) |
72.12 |
+0.32 |
+0.44% |
-0.66% |
|
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