Oil edges down but Brent futures set for gain due to crude transport disruptions
London — Oil prices edged lower on Friday in quiet trading, though Brent futures were set for a weekly gain thanks to Saudi Arabia halting crude transport through a key shipping lane and easing trade tensions between Washington and Europe. Brent futures were down 13c at $74.41 a barrel by 9.54am GMT but on track for a first weekly increase in four. US West Texas Intermediate futures were 18c down at $69.43 and set for a fourth week of declines. "The major source of bullish impetus stemmed from Saudi Arabia’s decision to temporarily halt all oil shipments through the Bab-el-Mandeb Strait," brokerage PVM’s Stephen Brennock said. "Yet even this only had a limited impact in spurring buying pressures, with no sign of actual supply disruptions." Any move to block the strait would virtually halt oil shipments through Egypt’s Suez Canal and the Sumed crude pipeline linking the Red Sea and Mediterranean. An estimated 4.8-million barrels per day (bpd) of crude oil and refined products flowed ...
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