Source: Reuters (via feed)
U.S. crude futures extended their losses on Friday, heading for their first weekly decline in several weeks. The market eased as concerns over disruption to Middle East oil supply diminished. Investors shifted their focus to U.S.-Iran nuclear talks scheduled later in the day in Oman. These talks could influence oil supply dynamics, although no immediate outcomes were reported before futures fell. The decline in prices reflects a wait-and-see approach ahead of the discussions. Despite recent volatility, oil markets showed signs of stabilizing as geopolitical tensions momentarily softened. Traders weighed the potential impact of diplomacy on global energy markets. Meanwhile, supply fundamentals remained relatively unchanged earlier in the week, supporting the slight downtrend in prices.
Oil prices react to geopolitical developments, affecting energy sector investments and supply costs for businesses and consumers.
