Oil Falls Amid Demand Concerns

Oil prices dropped in early Asian trading on Friday, as concerns over demand overshadowed the possibility of supply contraction from global producers, while investors remained skeptical about the possibility of a nuclear deal between the United States and Iran. Brent crude futures fell by 0.5% to $75.60 per barrel, while West Texas Intermediate (WTI) crude decreased by 0.5% to $70.96 per barrel. Both benchmarks fell by about a dollar on Thursday, recovering some of their losses that had exceeded $3 earlier. The two benchmarks are headed for losses of around 1% and their second consecutive week of losses. Some analysts indicate that "oil prices could rise if the Federal Reserve does not raise interest rates at its upcoming meeting on June 13-14."