Oil Prices Extend Losses Amid Easing Supply Concerns
(RTTNews) - Oil prices fell sharply on Friday and headed for a weekly decline on hopes of limited supply disruption and renewed diplomatic efforts to end the conflict.
Brent crude futures tumbled 2.5 percent to $102.21 a barrel, extending losses for a third session. WTI crude futures were down 1.8 percent at $100.13 a barrel.
Both contracts were on track for modest weekly losses after a three-week series of gains.
Concerns over supply disruptions eased following Saudi Arabia's efforts to reroute crude exports through Oman and restore the East-West pipeline.
It was reported that China privately urged Iran to curb Houthi attacks after Saudi Arabia's appeal, a move that could potentially ease disruptions around the Bab el-Mandeb.
U.S. President Donald Trump stated that Washington is "hopefully toward the end" of its fighting with Iran and that he has spoken "directly" with Iranian officials.
Ahead of a planned meeting next Tuesday with leaders from six Gulf countries on the sidelines of the UN General Assembly in New York, Trump said that he is approaching a critical juncture in the Iran war over whether to resume massive attacks to bring the conflict to a close.
Meanwhile, the United States has approved the potential sale of 48 F-35 Lightning II Joint Strike Fighters to Saudi Arabia, marking a significant policy shift from the U.S.
Gold Prices Climb As Oil Extends Slide On Easing Supply Concerns
European Shares Drift Lower In Cautious Trade
Bank Of Japan Raises Rate To 1.25%; Highest Since 1995
Asian Shares Mostly Higher As Tech Stocks Surge
Yen Falls Following BoJ Rate Decision
European Shares Poised For Cautious Start
Yen Falls Against Majors
