Oil prices dip, set for weekly gains

Oil drilling rigs

Oil prices settled higher on Friday, as markets remained focused on supply risks despite easing geopolitical tensions related to Iran.

 

Brent crude futures for March delivery gained 0.58%, or 37 cents, to settle at $64.13 a barrel, extending weekly gains to 1.25%.

 

Meanwhile, US WTI futures for February delivery rose 0.42%, or 25 cents, to $59.44 a barrel, posting a weekly increase of 0.54%.

 

The gains came as investors continued to assess the potential for global supply disruptions should the US carry out a military strike on Iran, although President Donald Trump hinted earlier this week that he may refrain from such action.

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