Oil prices reversed earlier gains this morning but benchmark Brent crude was still set for its first weekly gain in five weeks amid rising tensions in the Middle East and on hopes for a drop in U.S. interest rates that may stimulate global growth.
Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. The global benchmark jumped 4.3% on yesterday, leaving it set for a weekly gain of almost 4%.
WTI crude was down 16 cents, or 0.28%, at $56.90 a barrel. But the U.S. benchmark surged 5.4% yesterday and is on track for a more than 8% increase this week, Reuters reported.
Oil prices slip, but still propelled to gain for week
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