U.S. benchmark crude prices fell on weak economic indicators on Friday while Brent oil ticked higher, supported by tensions over Iran and this week’s decision by OPEC and its allies to extend a supply cut deal until next year.

U.S. West Texas Intermediate (WTI) crude futures were down $0.48 at $56.86 per barrel by 1013 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Front-month Brent crude futures were up $0.28 at $63.58 per barrel. Both benchmarks were set for their biggest weekly falls in five weeks.

In a protracted trade war between the United States and China that dampened prospects of global economic growth and oil demand, representatives of both countries are resuming talks next week to resolve the deadlock.

Source : Reuters