Oil headed for the longest stretch of weekly declines in almost two months amid signs that a global supply glut will expand.
Futures
were little changed in New York after falling 2.3 percent on Thursday
to a six-week low. Iran is in talks with buyers in Asia to sell more
crude if sanctions on the Middle Eastern country are lifted, according
to four people with knowledge of the discussions. U.S. drilling
executives were in Washington this week to persuade White House
officials and lawmakers to end the 40-year ban on American oil exports.
West
Texas Intermediate for April delivery was at $47.16 a barrel in
electronic trading on the New York Mercantile Exchange, up 11 cents, at
12:20 p.m. Sydney time. The contract dropped $1.12 to $47.05 on
Thursday, the lowest close since Jan. 29. The volume of all futures
traded was about 63 percent below the 100-day average. Prices are down
4.9 percent this week.
Source: Bloomberg
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