Oil prices fall in see-saw ses­sion

The Sunday Guardian - - Business - REUTERS

NEW YORK: Crude prices fell in a see-saw ses­sion on Fri­day, re­treat­ing af­ter early gains as it looked likely that US al­lies would push to main­tain a deal with Iran, which could keep that coun­try’s crude ex­ports on global mar­kets. In an­other sign global sup­plies could rise fur­ther, data in the af­ter­noon showed US crude pro­duc­ers added 10 rigs in the lat­est week. Crude prices re­mained just be­low multi-year highs, with Brent on track for a weekly 2.8% gain and US crude a 1.2% weekly rise. “It’s the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Ara­bia to bring more oil onto the mar­ket,” said John Kil­duff, part­ner at Again Cap­i­tal in New York. Brent crude LCOc1 set­tled down 35 cents at $77.12 a bar­rel, just be­low the $78-level hit on Thurs­day, its high­est since Novem­ber 2014. The bench­mark con­tract re­mained lower in post-set­tle­ment trade.

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