Oil prices edged lower on Friday as traders assessed two competing developments: the possibility of a diplomatic breakthrough between the US and Iran and fresh
concerns over the security of Saudi Arabia’s energy infrastructure. During intraday trading, West Texas Intermediate (WTI) crude was down 1.91 points, or 2.02 per cent, at $92.70 a barrel. Brent crude fell 1.30 points, or 1.22 per cent, to $105.3 a barrel. The move came a day after a strong recovery in both benchmarks, highlighting the sharp swings that have characterised the oil market amid continuing geopolitical uncertainty. Brent crude and WTI had surged by as much as 5 per cent during Thursday’s session. Brent eventually finished 3.4 per cent higher, while WTI settled with a 2.7 per cent gain. Brent’s latest close marked its strongest level since September 15. For WTI, Thursday’s advance brought an end to a six-session losing run during which the US benchmark had lost 13 per cent. Despite the rebound, the two contracts have posted different performances over the week. WTI is down 6.42 per cent for the week, while Brent has gained 2.09 per cent. (With agency inputs)
