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Oil fluctuates as market focuses on US-Iran talks

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Both Brent and WTI rose more than $2 on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fuelled by political turmoil among major world producers.

Brent crude was up 20 cents, or 0.2%, at $93.47 a barrel this morning, after touching its highest since October 3, 2014 of $94.00 earlier. It slid to as low as $92.47 in an earlier trade.

Both benchmarks rose more than $2 on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fuelled by political turmoil among major world producers. The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, are struggling to meet targets despite pressure from top consumers to raise production more quickly.

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