Oil Has Worst Week in Over a Month Amid Potential Iran Return - Bloomberg

Oil Has Worst Week in Over a Month Amid Potential Iran Return - Bloomberg

PRICES
West Texas Intermediate for July delivery increased $1.64 to $63.58 a barrel, but ended the week 2.7% lower in its largest such decline since early April Brent for July settlement rose $1.33 to $66.44 a barrel. The contract posted a 3.3% weekly decline, the largest since March

Oil benchmarks suffered their worst week in at least a month as the market contends with a potential deal that could lift U.S. sanctions against Iranian crude.

WTI futures in New York rose the most since mid-April on Friday, tracking a broader market rally that buoyed prices during most of the trading day. Nonetheless, crude benchmarks couldn’t shake off the specter of millions of barrels a day of Iranian crude returning to the market, with Brent futures in London posting the largest weekly decline since March. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted as part of any nuclear deal.

“There’s concern about the additional slug of supply potentially coming from Iran,” said John Kilduff, a partner at Again Capital LLC. “As the market was getting back on its feet, the prospect of more Iranian supply has been a momentum killer.”