Oil headed for weekly fall, prospect of Iran deal stokes fears of extra supply | Reuters

Oil headed for weekly fall, prospect of Iran deal stokes fears of extra supply | Reuters

Oil prices extended losses on Friday, and were headed for a weekly fall, as the prospect of extra supply from Iran returning to the market eclipsed fears of a possible supply disruption arising from a Russian invasion of Ukraine.

Brent crude futures fell 65 cents, or 0.7%, to $92.32 a barrel at 0725 GMT, extending a 1.9% drop from the previous session.

U.S. West Texas Intermediate (WTI) crude futures shed 71 cents, or 0.7%, to $91.05 a barrel, after sliding 2% in the previous session.

Both benchmark contracts hit their highest levels since September 2014 on Monday, but were headed for their first weekly fall in nine weeks amid reports of a deal taking shape to revive Iran's 2015 nuclear agreement with world powers.