Oil prices deepened losses on Friday as markets assessed the prospects of a truce between Washington and Tehran.
Oil prices extended losses on Friday as markets assessed the prospects of a truce between the United States and Iran. 
Both benchmarks had rallied as much as 5% in the previous session, with Brent settling 3.4% higher at its highest level since Sept. 15. US crude gained about 2.7%, after sliding 13% over the previous six sessions.
The spread between the two benchmarks widened to more than $12.60 a barrel, its widest since May, when it exceeded $13, reflecting differences in the regional risk exposure affecting the two contracts, according to Reuters.
Markets are awaiting Baker Hughes’ weekly US oil and gas rig count later on Friday for further indications on the outlook for US supply.
Benchmark crude futures
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (November)
105.04
(1.56)
(%1.45)
NYMEX (November)
92.55
(2.06)
(%2.20)
Oil prices deepened losses on Friday as markets assessed the prospects of a truce between Washington and Tehran.
Oil prices extended losses on Friday as markets assessed the prospects of a truce between the United States and Iran.
Both benchmarks had rallied as much as 5% in the previous session, with Brent settling 3.4% higher at its highest level since Sept. 15. US crude gained about 2.7%, after sliding 13% over the previous six sessions.
The spread between the two benchmarks widened to more than $12.60 a barrel, its widest since May, when it exceeded $13, reflecting differences in the regional risk exposure affecting the two contracts, according to Reuters.
Markets are awaiting Baker Hughes’ weekly US oil and gas rig count later on Friday for further indications on the outlook for US supply.
Benchmark crude futures
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (November)
105.04
(1.56)
(%1.45)
NYMEX (November)
92.55
(2.06)
(%2.20)
