Crude futures steadied on Friday after climbing to four-year highs earlier this week, and both Brent and U.S. crude marked weekly gains ahead of U.S. sanctions on Iranian oil exports. U.S. West Texas Intermediate (WTI) crude futures rose 1 cent to settle at $74.34 a barrel.
Global benchmark Brent crude futures for December delivery fell 42 cents to settle at $84.16 a barrel. On Wednesday, Brent hit its highest price since late 2014, at $86.74. “They`re taking a pause after yesterday`s sell-off,” said Andrew Lipow, president of Lipow Oil Associates.
WTI`s weekly gain was about 1.3 percent; Brent`s was around 1.4 percent. Price gains this week were limited by Saudi Arabia and Russia`s saying they would raise output to at least partly make up for expected disruptions from Iran, OPEC`s No. 3 producer, due to the U.S. sanctions that take effect on Nov. 4.
Oil prices are up 15-20 since mid-August, at their highest levels since late 2014. Washington wants governments and companies around the world to stop buying Iranian oil to pressure Tehran into renegotiating a nuclear deal. Read more