ShafaqNews
Oil pricesrose on Friday, paring sharp losses from the previous session, after Hezbollahrejected a new Lebanon ceasefire proposal and Oman's Mina al Fahal terminalsuspended oil loadings following an explosion.
Brent crudefutures rose 33cents, or 0.35%, to $95.36 a barrel by 0408 GMT after settling down 2.84% in the previous session.
U.S. WestTexas Intermediate crude was at $93.06 a barrel, up 2 cents, or 0.02%,following a 3.1% loss on Thursday.
Bothcontracts are set to post their first weekly gain in three weeks, with WTI up more than6%, after fighting flared up in the Middle East as U.S.-Iran war peace talks dragged onwhile traffic in the Strait of Hormuz, where a fifth of the world's oil passes,remained limited.
Reutersreported on Friday that Oman's Mina al Fahal terminal has suspended oil loading followingan explosion near its single-buoy mooring (SBM) berths due to an alleged drone attack.
Analystshave also flagged concerns of falling oil inventories globally that could causea price spike in the third quarter.
Hezbollah leaderNaim Qassem rejected on Thursday a U.S.-brokered agreement between Israel andthe Lebanese government to halt the fighting. Iran has made a ceasefire inLebanon a condition for any peace deal with Washington.
U.S.President Donald Trump said on Thursday he believed progress was being madebetween Israel and Lebanon and that Lebanon deserved to have peace.
"Any optimismremains heavily clouded by a tangled web of headlines andcounter-headlines," IG market analyst Tony Sycamore said in a note.
"From atechnical perspective, as long as (WTI) crude oil remains above trendline support inthe low $80s, the risks remain skewed to the upside."
OPEC issticking to its oil demand growth forecast of 1.2 million barrels per day forthis year, Secretary General Haitham Al Ghais said on Thursday, despite theMiddle East conflict and closure of the Strait of Hormuz.
Iranian oilexports have fallen to their lowest level in six years mainly due to the U.S. navalblockade, according to shipping data, although weak demand in China has depressed prices for theoil.
(REUTERS)
Only theheadline is edited by Shafaq News Agency.