Oil price falls below US$65/bbl in first weekly drop since Nov

Brent crude, the global benchmark, settled at $64.98, down 39 cents. West Texas Intermediate crude fell 52 cents to end at $59.04.

HOUSTON: Oil fell below $65 a barrel on Friday in its first weekly loss since late November, erasing the week's risk premium added since a U.S. drone strike killed a top Iranian general as investors focused on rising U.S. inventories and other signs of ample supply.

However, markets were still eyeing the longer-term risks of conflict, and prices were briefly supported on Friday by new U.S. sanctions on Iran in retaliation for its missile attack on U.S. forces in Iraq this week.