Brent falls, trades above $107

Oil drilling rigs

Oil prices edged lower on Friday, heading for their steepest weekly decline in six months, after Donald Trump said talks to end the war with Iran were progressing well and that he would pause attacks on Iranian energy facilities for 10 days.

Brent crude for May delivery fell 0.35%, or 38 cents, to $107.63 a barrel as of 09:19 a.m. Makkah time, while US crude for May delivery dropped 0.7%, or 67 cents, to $93.81.

Both benchmarks are down about 4.6% compared with the previous week, despite sharp gains in the previous session, leaping 5.7% and 4.6%, respectively.

Markets are awaiting US oil and gas rig count data from Baker Hughes later in the day for clues on supply outlook.