Oil prices fall as US and Iran extend nuclear talks
Oil prices fell on Friday as the US and Iran extended nuclear talks to avoid conflict. Brent and WTI are set for weekly losses following progress in Geneva.
Oil prices retreated on Friday, closing the week lower as the United States and Iran extended diplomatic discussions regarding a nuclear program. The continuation of talks helped soothe market fears that potential military conflict in the Middle East could disrupt global crude supplies.
Brent Crude Oil Futures declined by 28 cents, or 0.4%, to settle at $70.47 per barrel. Meanwhile, WTI Crude Oil Futures fell 29 cents, or 0.44%, to $64.92 per barrel. For the week, Brent was on track for a 1.8% decline, while WTI was set to finish down approximately 2.2%, reversing a portion of the gains seen in the preceding week.
