Brent rises to $57.87 and posts weekly gain as Iran tensions support

Oil prices rose on Friday, posting a weekly gain on lift from lowered expectations that an agreement on Iran’s nuclear program will result in a rapid return of more Iranian barrels to the market.



Strong US refined products futures and data showing a lower US drilling rig count also lent support.



Brent May crude rose $1.30 to settle at $57.87 a barrel, finishing above its 50-day moving average of $57.61.



US May crude rose 85 cents to settle at $51.64.



After a loss last week, Brent rose 5.3 percent. US crude rose 5.0 percent, its fourth consecutive weekly rise.



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Posted in: Indian Market Tips