Oil Prices Record Weekly Loss After U.S. and Iran Signal Deal Progress

Oil futures posted a weekly loss after the United States and Iran signaled progress toward a deal. The move came as traders assessed the potential impact on global supply. The contract fell 2.4 percent for the week. Brent crude for July delivery closed at $64.80 a barrel, down 0.8 percent on the day and 2.1 percent lower for the week.

Traders reduced positions after reports indicated both sides had exchanged proposals in recent days. The signals raised expectations that an agreement could ease supply concerns. Volume remained moderate as participants waited for further updates from diplomatic channels.

Support held near the lower end of the band on Friday. Analysts noted that any final agreement would require additional steps beyond the current signals.