Oil jumps but set for weekly loss on Iran nuclear talks
LONDON: Oil prices rose sharply on Friday after three days of losses, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal.
Brent crude futures rose $1.25, or 1.9%, to $66.36 a barrel by 1351 GMT, while U.S. West Texas Intermediate was at $63.39 a barrel, up $1.45, or 2.3%.
The two contracts are on track to fall about 3% on the week – their biggest loss since March – after Iran’s president said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors.
