London — Oil prices fell on Friday on the worry that global trade disputes will slow economic growth and demand for fuel, but losses were limited by US sanctions against Iran which look set to tighten supply. Benchmark Brent crude oil was down 50c a barrel at $71.57 by 7.25am GMT. US light crude was 40c lower at $66.41 a barrel. Escalating trade tensions are casting a shadow over the outlook for economic growth and pushing up the dollar, the currency in which oil is traded internationally, making it more expensive for consumers using other currencies. Major emerging economies including China, India and Turkey have all seen their currencies slump. "Oil, like other commodities, is responding to dollar strength this morning," Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas in London, told Reuters Global Oil Forum. For the week, Brent is set for a near 2% fall, while US light crude is heading for a drop of nearly 3%. "The market seems to be focused on fears of redu...
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