Oil prices erased all gains as investors awaited the outcome of US-Iran nuclear talks in Oman later today (Friday), with oil prices on track to record their first weekly loss since early this year.
Brent crude oil futures for April delivery fell by about 0.10%, or 7 cents, to $67.48 per barrel, after initially rising to $68.82.
Nymex crude oil futures for March delivery rose to $64.58 in early trading, then fell 0.15%, or 13 cents, to $63.16 per barrel.
Following a strong selling wave that affected many assets this week, Brent crude oil is expected to fall by about 4.6% for the week, while US crude oil is expected to fall by about 3.2% for the week.
The decline came even as the dollar index, which measures the dollar’s value against a basket of major currencies, fell 0.25% to 97.60 points.
The market is awaiting data later today from Baker Hughes on the number of operating oil and gas platforms in the US to learn about the outlook for exploration activity.
Investors also hope that the Oman talks will ease tensions between Washington and Iran and deter US President Donald Trump from launching a military attack against Iran.
As investors await the outcome of US-Iran nuclear talks in Oman later today (Friday), oil prices have erased all gains and are on track to record their first weekly loss since the beginning of the year.
Brent crude oil futures for April delivery fell about 0.10%, or 7 cents, to $67.48 a barrel, after initially rising to $68.82.
Meanwhile, West Texas Intermediate (WTI) crude oil futures for March fell 0.15%, or 13 cents, to $63.16 per barrel after hitting $64.58 in early trading.
Brent crude oil is expected to fall by about 4.6% for the week, while U.S. crude oil is expected to fall by about 3.2% for the week, following a sharp decline that affected many assets this week.
The decline occurred even as the dollar index, which measures the dollar’s value against a basket of major currencies, fell 0.25% to 97.60 points.
The market is awaiting data from Baker Hughes later today on the number of oil and gas rigs operating in the US for insight into exploration activity.
Investors also hope that the Oman talks will lead to an end to tensions between the United States and Iran and deter U.S. President Donald Trump from launching a military attack on Iran.
