Oil prices poised for weekly drop as U.S. output climbs - Reuters

Oil prices poised for weekly drop as U.S. output climbs - Reuters:

Oil prices were on track for sharp weekly declines on Friday as surging U.S. output countered production losses in sanctions-hit Iran and Venezuela.

Brent crude oil futures were at $70.08 a barrel at 0835 GMT, down 67 cents and set for their first weekly loss after five weeks of gains.

U.S. West Texas Intermediate (WTI) crude futures were down 41 cents at $61.40, poised for a second straight weekly decline.