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Oil prices rise on investor doubt
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By helping the world reduce oil prices from the $150-$200 range and saving hundreds of billions in import bills and high interest expense, Pakistan has earned its seat at the table. photo: REUTERS
Oil prices rose on Friday as investors doubted the prospect of a breakthrough in US-Iran peace talks, but prices remained on track for a weekly loss.
Brent crude futures were up 82 cents, or 0.8%, at $103.40 a barrel by 1653 GMT. US West Texas Intermediate futures were 54 cents, or 0.56%, higher at $96.89. Both had risen over 3% earlier in the session.
On a weekly basis, Brent was more than 5% lower and WTI was down by more than 8%, with prices fluctuating sharply as expectations for a peace deal between Iran and the US shifted.
A senior Iranian source told Reuters earlier that gaps with the US have narrowed, and US Secretary of State Marco Rubio spoke of "some good signs" in talks.
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