Oil prices fall as Iran nuclear deal retains support

Monday, 14 May 2018 00:00 -     - {{hitsCtrl.values.hits}}

Image used for illustrative purpose An engineer checks the gas distribution system in Beregdaroc, one of several points where Russian gas crosses into the European Union - REUTERS

NEW YORK (Reuters) - Crude prices fell in a see-saw session on Friday, retreating after early gains as it looked likely that U.S. allies would push to maintain a deal with Iran, which could keep that country’s crude exports on global markets.

In another sign global supplies could rise further, data in the afternoon showed U.S. crude producers added 10 rigs in the latest week.

Crude prices remained just below multi-year highs, with Brent on track for a weekly 2.8% gain and U.S. crude a 1.2% weekly rise.

Brent crude LCOc1 settled down 35 cents at $77.12 a barrel, just below the $78-level hit on Thursday, its highest since November 2014. The benchmark contract remained lower in post-settlement trade.

U.S. light crude CLc1 was down 66 cents at $70.70, off a 3-1/2 year high of $71.89 it hit on Thursday.

Outside OPEC, U.S. crude production C-OUT-T-EIA reached another record high last week, hitting 10.7 million bpd which is up 27% since mid-2016. U.S. output is creeping closer to that of top producer Russia, which pumps about 11 million bpd.