Oil falls on prospect of Iran oil sanctions easing
Oil prices retreated on Friday after wild swings during the week, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible Russian invasion of Ukraine, which could disrupt supply.
Brent crude futures fell 68 cents, or 0.7 per cent, to $92.29 a barrel at 0124 GMT, extending a 1.9 per cent drop from the previous session.
US West Texas Intermediate (WTI) crude futures shed 67 cents, or 0.7 per cent, to $91.09 a barrel, after sliding 2 per cent in the previous session.
Both benchmark contracts were headed for their first weekly fall in nine weeks after hitting their highest points since September 2014, with a deal taking shape to revive Iran’s 2015 nuclear agreement with world powers.
