Oil prices were flat on Friday after the likelihood of a U.S. strike on Iran receded.<\/p>\n
Jackyenjoyphotography | Moment | Getty Images<\/p>\n
Oil\u00a0prices were flat on Friday with both Brent and U.S. West Texas Intermediate moving only a few cents from their closing prices after the likelihood of a U.S. strike on Iran receded.<\/p>\n
Brent<\/a>\u00a0was down 3 cents, or 0.05%, to $63.73 per barrel, while U.S. West Texas Intermediate<\/a> was up 4 cents, or 0.07%, to $59.22 per barrel as of 0223 GMT.<\/p>\n Both Brent and WTI rose to multi-month highs this week after protests flared up in Iran and U.S. President\u00a0Donald Trump\u00a0signaled the potential for strikes on the nation.<\/p>\n Late on Thursday, however, President Trump said Tehran’s crackdown on the protesters was\u00a0easing, allaying worries over possible military action that could disrupt\u00a0oil\u00a0supplies.<\/p>\n The U.S. Energy Information Administration’s report\u00a0this week that American crude and gasoline inventories had risen by more than analysts had estimated also dampened the market.<\/p>\n “This prompted a swift unwind of the ‘Iran premium’ that had propelled prices to twelve-week highs, compounded by the latest U.S. inventory data showing a substantial crude build,” IG analyst Tony Sycamore said in a note.<\/p>\n Sources also told Reuters that Venezuela\u00a0had begun reversing\u00a0its production cuts and resumed exports.<\/p>\n