Oil prices are down, set for a second straight weekly decline, as signs of a growing global supply surplus weigh on the market and Washington’s focus on blockading Iran while ramping up other economic pressures allay fears of renewed hostilities in the nine-month war, Reuters reports.
Brent futures are down 5 cents, or 0.05 per cent, to $95.77 a barrel as of 1746 GMT (10:46pm PKT). US West Texas Intermediate futures have fallen 17 cents, or 0.19pc, to $88.57 a barrel.
