Oil prices Fall on Friday

Oil prices fell in early Asian trading on Friday.

Brent crude futures fell 36 cents, or 0.5%, to $75.60 a barrel, while US West Texas Intermediate crude fell 33 cents, or 0.5%, to $70.96 a barrel.

The two benchmarks fell about a dollar yesterday, Thursday, compensating for some of their losses, which earlier exceeded three dollars, after Washington and Tehran denied the validity of a report by the Middle East Eye website stating that they were close to reaching a nuclear agreement.

For the week, the two benchmarks are on track to incur a loss of about 1% and towards a second week of losses.

Oil prices rose earlier in the week after Saudi Arabia pledged large production cuts, but the gains were pared by an increase in US fuel inventories and weak Chinese export data.

On Thursday, the United States and Iran denied a report that they were close to an interim agreement under which Tehran would halt its nuclear program in return for sanctions relief, including allowing it to export up to 1 million barrels of oil per day.

Source: National Iraqi News Agency