West TX Oil Near $47 as Iran Deal Eyed

U.S. crude settled down 5 percent at $48.87 a barrel on Friday as fears about the disruption of Middle East crude shipments from Yemen’s conflict eased, and focus turned to the likelihood of an Iranian nuclear deal by next week that could put more supply on the market.

But prices were still headed for a second straight week of gains, reflecting the ground made by market bulls from six-year lows hit earlier this month.

Benchmark Brent oil and U.S. crude were down more than 2 percent in New York’s morning trade after reduced threats to the region’s oil facilities and traffic from the Saudi-led air strikes in Yemen.

CNBC

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