London — Oil prices declined on Friday, with Brent slipping away from the $70 mark reached the previous day, but both main contracts were set for weekly gains due to mounting geopolitical risks. Brent crude futures dropped 16c to $69.24 a barrel by 8.56am GMT, having touched $70.03 in the previous session, the highest since November 12. US West Texas Intermediate (WTI) crude fell 4c a barrel to $62.06, having hit their highest since November 7 on Wednesday at $62.99. Brent and WTI are on track for their second and fifth consecutive weeks of gain, respectively. Weighing on prices are concerns that an economic slowdown could dent fuel consumption. “At the heart of this late retreat in oil prices were lingering trade jitters,” said Stephen Brennock of oil brokerage PVM. The US and China, the world’s two biggest oil consumers, could be close to ending their trade dispute though some hurdles remain. US President Donald Trump said on Thursday that the two sides were “very close to making ...
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