Oil heads for weekly decline as US, Iran extend talks

Oil prices inched down on Friday and were on track for a weekly decline after the United States and Iran extended nuclear talks, easing concerns about potential hostilities that could disrupt supply, while OPEC+ may resume output hike at its Sunday meeting. Brent crude futures lost 5 cents to $70.70 a barrel by 0331 GMT. U.S. West Texas Intermediate crude fell 1 cent to $65.20. For the week, Brent was heading for a 1.8% decline, while WTI was set to fall around 2.2%, reversing some of the previous week’s gains. “Traders are in wait-and-see mode heading into the weekend with Iran tensions mounting on one hand, and the OPEC+ meeting on Sunday with a likely production hike on the other hand,” said June Goh, a senior analyst at Sparta Commodities. The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after U.S. President Donald Trump ordered a military build-up in the region.