Khaberni - Oil futures fell more than 1% on their way to incurring the biggest weekly loss since early April, following reports of an impending ceasefire extension agreement between the United States and Iran.
Brent crude futures for July delivery dropped 1.1% ($1.04) to $92.67 per barrel. US crude futures fell $1.26 (1.4%) to $87.64 per barrel.
Brent crude fell by 10.5% this week, the largest decrease since the week ending April 6, while West Texas Intermediate crude incurred a weekly loss of 9.2%, the largest since the week ending April 13.
