Oil prices continued to fall on Friday in Asia and were set to record their first weekly loss since November as U.S.-Iran conflict cooled.
U.S. Crude Oil WTI Futures dropped 0.2% to $59.48 by 12:50 AM ET (04:50 GMT), while International Brent Oil Futures slipped 0.1% to $65.32.
The U.S. House of Representatives voted overnight to curb U.S. President Donald Trump’s power to strike Iran. Meanwhile, in comments to Fox News, Vice President Mike Pence said the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests.
The easing of the U.S.-Iran tensions reduced concerns of a potential supply disruption in the Middle East, and were cited as the catalyst of selling in oil prices in the past two days.
On the Sino-U.S. trade front, China’s Ministry of Commerce spokesman Gao Feng confirmed that Vice Premier Liu He will travel to Washington between Jan. 13 and 15 to sign a phase one trade deal.
Source : Investing.com