Oil prices fall as supply fears ease

Oil prices declined on Friday as worries about Middle East supply eased, according to The Express Tribune. The drop followed remarks by US President Donald Trump that Washington would hold off on any strike against Iran until after the midterm vote next month. He also described the talks aimed at ending the conflict as productive, and the war has already unsettled global energy markets.

Brent crude was quoted 52 cents lower at $103.76 a barrel by 1811 GMT, a decline of 0.50%. US West Texas Intermediate also eased, slipping 22 cents to $91.28. Plans by China, which imports more oil than any other country, to restart refined fuel exports after a short pause for Golden Week added to the downward pressure.

Over the week, however, both benchmarks were still on course for gains. Trump also signalled an announcement on diesel that has yet to be detailed, and he is weighing a pause in the federal gasoline levy. PVM Oil Associates analyst Tamas Varga said the Iran pledge and China's export resumption were pushing prices lower.