Oil prices drop 2%, head for weekly gains
Oil prices were mixed on Friday, after the White House delayed a decision on potential US intervention in the Iran-Israel conflict. Despite the volatility, the prices are on track for weekly gains.
Brent crude futures for August delivery fell by 2.1%, or $1.65, to $77.20 a barrel at 8:10 AM Makkah time.
Meanwhile, US West Texas Intermediate (WTI) futures for August—the most actively traded contract—rose 0.65%, or 47 cents, to $73.97 a barrel.
This came after a White House statement saying President Donald Trump would decide within the next two weeks whether the US will intervene in the ongoing Middle East conflict, according to Reuters.
Chinese customs data released today showed fuel oil imports reached 1.30 million tons in May, equivalent to about 267,000 barrels per day—down 29% from April and 40% lower than the same period last year.
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