Oil prices set for second weekly decline as Trump stays with Iran blockade
USO•Oil prices were on track for a second weekly decline, with Brent down 2.4% and WTI down 2.5%. Prices eased after President Donald Trump said a deal with Iran was not necessary to end the war, while attacks on shipping and rising US inventories remained concerns.
1. Prices extend declines
Brent was little changed at $95.41 a barrel and WTI fell 20 cents to $88.52 at 0242 GMT on Friday. Brent was set to fall 2.4% for the week after a 16% drop the previous week; WTI was set to decline 2.5% after dropping 13%.
2. Supply risks persist
Trump said a deal with Iran was not necessary to end the war, indicating he would maintain the blockade on oil shipments, trade and economic sanctions. Iran’s military said four tankers were hit by explosions in the Strait of Hormuz, though the accounts could not immediately be verified. Yemen’s Houthis also said they attacked Saudi oil infrastructure.
3. US inventories rise
US crude inventories rose 4.7 million barrels to 414.4 million barrels in the week ended November 6, the Energy Information Administration said. Analysts had expected a 1.1 million-barrel draw.
