Oil prices nudged up on Friday, recovering from three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal.
Brent crude futures for July rose 8 cents, or 0.1%, to $65.19 a barrel by 0646 GMT, while U.S. West Texas Intermediate for July was at $62.16 a barrel, up 22 cents, or 0.4%.
For the week, however, both contracts are down nearly 5% and on track to post their biggest weekly loss since March after Iran's president said the United States was ready to lift sanctions on his country's oil, banking and shipping sectors. read more
Iran and world powers have been in talks since April on reviving the deal and the European Union official leading the discussions said on Wednesday he was confident a deal would be reached.
Reference: Reuters
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