Oil near multi-year highs as Iran sanctions tighten supply outlook
The global oil market is finely balanced, with top exporter Saudi Arabia and No.1 producer Russia having led efforts to curb oil supply to prop up prices. Benchmark Brent crude was down 20 cents at $77.27 a barrel by 1330 GMT. On Thursday Brent hit $78, its highest since November 2014. U.S. light crude was down 10 cents at $71.26, having touched a 3-1/2 year high of $71.89 on Thursday.
Oil prices steadied near 3-1/2 year highs on Friday as the prospect of new US sanctions on Iran tightened the outlook for Middle East supply. Representational Image, source: Reuters