finance
Oil Futures Head for Fourth Straight Weekly Loss as Hormuz Traffic Recovers
Brent and WTI prices rose about 0.5 percent in early Asian trade on Friday. The gains came as tanker traffic through the Strait of Hormuz increased following a U.S.-Iran memorandum to negotiate a deal.
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Oil futures were on track for a fourth consecutive weekly decline early Friday after tanker traffic through the Strait of Hormuz resumed and supply expectations rose. Brent and WTI each gained roughly 0.5 percent in Asian trading. U.S. markets were closed for the July 4 weekend.
Brent traded in the low $70s per barrel and WTI remained below $70. Both benchmarks have fallen to levels last seen before recent supply concerns emerged. The decline has occurred over the past three weeks.
A U.S.-Iran memorandum to negotiate a deal and the reopening of the Strait of Hormuz have increased expectations that physical supply will rise in coming weeks. The Brent futures curve reflected an improving supply picture, according to ING commodities strategists cited by OilPrice.com. Traders took some profits on the modest gains recorded in early Friday trade.
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