Oil prices dipped on Friday on hopes that producer club – the Organisation of Petroleum Exporting Countries (OPEC) will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions on Tehran by the United States (US).
Despite this, oil markets remain tight amid supply disruptions and rising geopolitical concerns especially over the tensions between the US and Iran, analysts said.
Brent crude futures were at $74.16 per barrel at 0223 GMT, down 19 cents, or 0.3 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $64.83 per barrel, down 38 cents, or 0.6 percent, from their previous settlement.
