SINGAPORE (Reuters) – Oil prices edged up on Friday, taking a breather after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal.
Brent crude futures for July rose 10 cents, or 0.2%, to $65.21 a barrel by 0032 GMT while U.S. West Texas Intermediate for July was at $62.16 a barrel, up 22 cents, or 0.4%.
Both contracts are down nearly 5% for the week and on track to post their biggest weekly 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.
