Oil Set for Sharp Weekly Drop but Middle East Supply Concerns Provide Floor
Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market. Brent crude futures for January rose on Friday by $1.29, or 1.31%, to $99.58 a barrel as of 0504 GMT. US West Texas Intermediate futures climbed 86 cents, or 0.95%, to $91.38 a barrel. Brent briefly breached the $100-a-barrel mark in morning trade. Both contracts gained for a second day.
