WASHINGTON (dpa-AFX) - Crude oil benchmarks are hovering slightly below the flatline on Friday even as all eyes are on the outcome of the talks between the U.S. and Iran scheduled to be held in Oman.
Though geopolitical risk premium has supported crude oil prices in an oversupplied market, worries about the failure to reach a deal resulting in escalation in tensions between the two nations and the potential disruption to oil flows in the region still linger.
Amidst the spotlight on a diplomatic resolution to the tensions between the U.S. and Iran, Brent Oil Futures for April settlement are trading at $67.53, having edged down 0.03 percent from the previous close of $67.55. The day's trading ranged between $66.87 and 68.82. The 52-week trading ranged between $58.4 and $79.4.
With the day's decline, Brent has lost 4.5 percent over the past week but is holding on to gains of more than 12.5 percent over the past month. Year-to-date gains are almost 11 percent.
However, Brent oil is currently down more than 9 percent from the levels a year ago and down more than 19 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for March settlement edged down 0.02 percent from the previous close of $63.29 to trade at $63.28. Prices ranged between a high of $64.58 and a low of $62.32 in the day's trading. Trading has ranged between $54.98 and $78.40 over the past 52 weeks.
With weekly loss of 3.1 percent, gains over the past month have decreased to 12.9 percent. Year-to-date gains are at 10.1 percent.
Prices are currently more than 10.3 percent below the levels a year ago and more than 18 percent below the levels three years ago.
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