British News Agency

Benchmark Brent crude futures fell 6 cents, or 0.1%, to $67.46 per barrel after dropping 2.7% in the previous session. US West Texas Intermediate (WTI) crude slipped 12 cents, or 0.2%, to $62.72 following a 2.8% decline.

On a weekly basis, Brent is heading for a 0.8% loss, while WTI is set to fall 1.1%.

Prices had risen earlier this week on concerns that the US might strike Iran over its nuclear program, but remarks by President Donald Trump about a possible agreement with Iran next month pushed prices lower.

Analysts said signals that the US wants more time to reach a nuclear deal with Iran and the resulting decline in short-term geopolitical risk premiums pressured oil prices.

The International Energy Agency (IEA) projected weaker-than-expected global oil demand growth this year and that total supply would exceed demand.

Analysts expect Venezuelan oil supply to rise from 880,000 barrels per day to about 1.2 million barrels in the coming months.

A White House energy official said the US Treasury would issue new licenses to ease sanctions on Venezuela’s energy sector.

US Energy Secretary Chris Wright stated that oil sales have exceeded $1 billion and could bring in another $5 billion in the coming months.