Oil posts weekly loss as geopolitical risk premium ebbs

Brent crude futures were down US$1.92, or 2.3%, to US$84.89 a barrel. US West Texas Intermediate crude futures fell US$1.95, or 2.4%, to US$80.51 a barrel.

NEW YORK: Oil prices settled more than 2% lower on Friday as supply concerns driven by Middle East tensions eased, while jobs data raised expectations the US Federal Reserve could be done hiking interest rates in the biggest oil consuming economy.

Brent crude futures were down US$1.92, or 2.3%, to US$84.89 a barrel. US West Texas Intermediate crude futures fell US$1.95, or 2.4%, to US$80.51 a barrel.