Oil set for weekly loss on possible Iran supply after nuclear talks
LONDON (Reuters) – Oil prices rose 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 80 cents, or 1.2%, to $65.91 a barrel by 1017 GMT, while U.S. West Texas Intermediate was at $62.82 a barrel, up 88 cents, or 1.4%.
The two contracts are on track to fall about 4% 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.
