Brent crude futures settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas Intermediate crude settled at $56.20 a barrel, rising 18 cents. It gained about 1.2% on the week. U.S. economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.
ANKARA: Turkey is loath to buy more oil from Saudi Arabia and the United Arab Emirates as the US looks to squeeze exports from Iran, currently the third largest supplier of crude to the Middle East’s biggest economy.
“Iranian oil isn’t cheap but there is a big difference” with the price of Saudi and UAE crude, Turkish Foreign Minister Mevlut Cavusoglu said at a reception in Ankara, according to state-run TRT television. “The US is taking a decision and wants all countries to comply with it. Why should we pay the price?”
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