Oil prices fall as supply fears ease

HOUSTON:

Oil prices fell on Friday as Middle East supply concerns eased after President Donald Trump said the US would not attack Iran before midterm elections next month and talked of "productive" talks to end their war that has disrupted global energy markets.

Trump also teased an upcoming, undisclosed announcement on diesel and said he was considering suspending the federal gasoline tax. Brent crude futures slid 52 cents, 0.50%, to $103.76 a barrel by 12:11 am CDT (1811 GMT). US West Texas Intermediate crude futures fell 22 cents, or 0.2%, to $91.28.

Plans by China, the world's top oil importer, to resume refined fuel exports after a brief halt during its Golden Week holiday, also weighed on the market. On a weekly basis, Brent and WTI prices were set to rise.

Trump's Iran pledge along with China's resumption of product exports were moving prices lower, said PVM Oil Associates analyst Tamas Varga.