Oil prices gained modestly during Friday's Asian session, but were poised for a weekly decline as easing supply concerns from the Middle East weighed on sentiment.
By 3:15 pm AEST (5:15 am GMT) Brent crude futures were up $0.38 or 0.6% to US$68.11 per barrel, while United States West Texas Intermediate crude gained $0.39 or 0.6%, to $65.63 per barrel.
Despite the gains, both benchmarks were on track to fall around 12% for the week.
Oil markets weakened earlier in the week after U.S. President Donald Trump confirmed a ceasefire agreement between Iran and Israel, helping ease fears of a major supply disruption in the region.
ANZ analysts noted: “While Trump signalled a soft stance, indicating that China may continue importing oil from Iran, he also said that his commitment to the 'maximum pressure' campaign, aimed at curbing Iran’s oil exports, remains in place.”
Also underpinning oil, the U.S. dollar index dropped to a three-year low following reports that President Trump may name a new Federal Reserve chief earlier than expected, sparking speculation of further interest rate cuts.
A weaker dollar tends to make commodities like oil more attractive to non-dollar holders.
