Crude Futures Lower, On Track For Small Weekly Loss

Oil is lower in Asia-Pac trade, on track for its second consecutive day of declines, though gains earlier in the week have limited weekly losses. WTI is down $0.53 from settlement levels at $70.51/bbl, Brent is down $0.59 at $72.47/bbl. The extended winning streak in WTI crude futures waned Thursday, with oil closing lower and snapping an impressive 15-session streak of higher highs (a record for that contract). WTI and Brent crude future erased recent strength as markets eyed further optimism from Iranian negotiators, with reports from Tehran yesterday stating that the nuclear deal is closer than ever before, despite some fundamental issues remaining. While the IAEA stated that upcoming Iranian elections will not impact any deal, markets seem less certain, with the weekend's poll likely a focus for energy markets.