Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices.
U.S. crude oil fell for the third consecutive trading session on Wednesday, dipping below $85 a barrel as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies.
The West Texas Intermediate contract for May delivery fell 46 cents, or 0.55%, to $84.89 a barrel.
June Brent futures were down 51 cents, or 0.57%, at $89.51 a barrel.
U.S. oil and the global benchmark are down just under 1% this week.
Persons:
Brent, John Evans, PVM
Organizations:
U.S, The West Texas Intermediate
Locations:
Gaza, Israel, Iran, The, U.S