WASHINGTON (dpa-AFX) - Oil prices fell over 2 percent on Friday to extend losses from the previous session amid easing Ukraine tensions and signs of progress in negotiations to restore the Iran nuclear deal.
Benchmark Brent crude futures fell 2.3 percent to $90.84 a barrel, while WTI crude futures were down 2.4 percent at $89.59.
Risk assets were seeing a reprieve on hopes for diplomacy in Ukraine. U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov are expected to meet next week in Europe over Ukraine and European security issues.
Also, Russia said earlier today it was withdrawing more tanks and other armoured vehicles from areas near Ukraine's border after running war games that had raised concerns in the West.
Investors were also weighing the possibility of an eventual return of Iranian oil to the global market. Even an interim deal could potentially increase oil exports by 700,000 barrel/day, according to S&P Global Platts Analytics.
In preparation for the possible easing of U.S. sanctions, refiners in South Korea and Japan are mulling resuming oil imports from Iran once a deal is reached.
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