Oil headed for its longest weekly winning streak in almost four years on the prospect of a supply crunch, although the gains are moderating as investors wait for OPEC's response to tighter U.S. sanctions on Iran.
West Texas Intermediate for June delivery fell 38 cents to $64.83 a barrel on the New York Mercantile Exchange at 11:27 a.m. in Singapore. The contract closed down 1 percent on Thursday and is up 84 cents this week. The last time WTI rallied for more than eight consecutive weeks was in May 2015.
Brent for June settlement was down 21 cents, or 0.3 percent, to $74.14 a barrel on the London-based ICE (NYSE:ICE) Futures Europe exchange. The contract rose to as high as $75.60 a barrel on Thursday before closing 0.3 percent lower. It's up 3 percent for the week, set for a fifth weekly gain. The global benchmark crude was at a premium of $9.30 to WTI.
Source : Bloomberg