SINGAPORE :Oil prices looked set to post their second straight weekly loss as prices continued to fall on Friday over demand concerns and scepticism that the United States and Iran could strike a nuclear deal.
"Oil prices are expected to stay in a range of about 3 dollars above and below $70 for WTI in the near term," Satoru Yoshida, a commodity analyst with Rakuten Securities. For the week, they were on track for losses of about 1 per cent losses, after shedding about the same amount in the previous week. Yoshida said factors such as fears over tighter supply and higher demand as the United States enters driving season which could drive prices higher were being offset by worries over a slow pickup in China's fuel demand.
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