Oil heads for weekly fall on Iranian oil hopes | Reuters
Oil prices extended losses on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures fell $2.44, or 2,6%, to $90.53 a barrel BY 1032 GMT, extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed $2.39, or 2.6%, to $89.37 a barrel after sliding 2% on Thursday.
Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders have capped losses this week.
"For all the talk of war and conflict, market players remain unconvinced. This is perhaps why the geopolitical risk premium is starting to wane," said Stephen Brennock at brokerage PVM Oil.
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