Oil prices edged lower for a second session on Friday even as the United States threatened to keep a naval blockade of Iran in place indefinitely, renewing concerns over crude supplies. The move came a day after oil prices fell on a weaker outlook for global demand.
Brent crude futures were down 30 cents, or 0.34%, at $86.77 a barrel, while US West Texas Intermediate (WTI) crude futures gained 34 cents or 0.42% to $80.92 a barrel. Both benchmarks had dropped more than 2% in the previous session, ending a six-session winning streak for Brent and a five-session run of gains for WTI. Despite the decline, both were headed for weekly gains of around 4%.
