Oil prices decline but remain strong

Oil prices decline but remain strong

Mubasher: oil prices cooled on Friday after hitting their highest level since December 2014 on Thursday amid lower US inventories and continued production cuts.

By 11:01 am GMT, Brent crude futures decreased 0.13% to $69.17 per barrel (pb), while Nymex crude slipped 0.52% to 63.47.

Prices, however, remained heading towards the fourth consecutive weekly rise while invertors wait for the US president’s decision regarding Iran’s sanctions.

Trump is scheduled to review his decision to either extend waivers for Iran’s sanctions or re-impose them.

Source: Mubasher