Oil Declines and Heads Towards Recording Biggest Weekly Loss in 6 Months

SadaNews Economy - Oil prices fell during trading today, Friday, heading towards recording the biggest weekly loss in six months, despite strong gains in the previous session, following statements from U.S. President Donald Trump about progress in talks to end the war with Iran.

Brent crude contracts fell by about 0.8% to $107.17 per barrel, while West Texas Intermediate crude contracts declined by 1.1% to $93.46, cutting their previous gains, according to CNN.

On a weekly basis, both crude types are heading towards recording losses of about 4.6%, despite Brent rising by 5.7% and American crude by 4.6% in Thursday's session, with rising concerns at that time about the escalation of the war.

Pressure on prices came after Donald Trump announced a 10-day suspension of attacks on Iranian energy facilities, confirming that talks are going well.

However, this trend did not fully dispel fears, as markets are still assessing the likelihood of the conflict continuing and its impact on supplies.