Oil prices edged lower Friday, giving up some of the ground made in a recent rally spurred by supply concerns in Venezuela and Iran.
Brent crude, the global oil benchmark, fell 0.6% to $76.89 a barrel on London’s ICE Futures exchange after closing almost 2% higher Thursday. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.4% at $65.69 a barrel.
The economic crisis in Venezuela is curtailing the country’s oil production, while the planned reinstatement of U.S. sanctions against Iran is expected to hit production from the third-largest member of the Organization of the Petroleum Exporting Countries.
more at source: https://www.wsj.com/articles/oil-prices-cool-after-recent-rally-1528451153