Oil set for weekly drop as Iran risks recede, oversupply concerns

Oil prices were little changed on Friday after falling in the previous session, and are set for their second weekly decline, on receding concerns of an Iranian conflict that could affect supply and on forecasts supply will exceed demand this year. Brent crude oil futures were up 3 cents, or 0.04%, at $67.55 a barrel at 0205 GMT after falling 2.7% in the previous session. US West Texas Intermediate (WTI) crude rose 1 cents, or 0.02%, to $62.85 after falling 2.8%. Brent prices are set to drop 0.8% this week while WTI is set to fall 1.1%. Prices gained earlier this week on concerns the US could attack key Middle Eastern producer Iran over its nuclear programme but comments on Thursday from US President Donald Trump that the US could make a deal with Iran over the next month drove prices lower in the previous session.