Oil prices on track for second weekly decline, Brent down 2.4%

Oil prices were mixed on Friday, November 13, and were heading for a second consecutive weekly decline as expectations that the US would maintain its blockade on Iranian oil shipments eased concerns about a renewed escalation that could threaten regional supplies.

Brent futures were reported at $95.41 a barrel at 0242 GMT, down 1 cent, while West Texas Intermediate was at $88.52, down 20 cents. A later market update put Brent at $95.45, down 0.37%, and WTI at $88.14, down $0.60, at 10:19 am PST. The reported prices differ. Brent was set to decline 2.4% for the week and WTI 2.5%.

Prices eased after US President Donald Trump indicated that an agreement with Iran was not necessary to end the conflict, signalling the continuation of the blockade and existing trade and economic sanctions. Attacks on shipping and energy infrastructure remained a supply concern. Iran's military said four tankers had been hit by explosions in the Strait of Hormuz, while Yemen's Houthis claimed attacks on Saudi energy facilities. The tanker claims could not immediately be independently verified.

US crude and fuel inventories also weighed on prices amid softer demand for refined products and higher oil imports. Crude stocks rose by 4.7 million barrels to 414.4 million barrels in the week ended November 6, against analysts' expectations of a 1.1 million-barrel draw.