Oil prices were little changed on Friday before a long holiday weekend in the U.S., as traders held on to hopes that attempts to secure peace in the Middle East between the United States and Iran would succeed, Reuters reported.
Brent futures climbed 7 cents, or 0.1%, to $71.87 a barrel as of 0737 GMT. West Texas Intermediate was down 6 cents, or 0.09%, to $68.63 a barrel.
U.S. markets will be closed on Friday ahead of the U.S. Independence Day holiday on Saturday.
During the prior session the two benchmarks hit their lowest levels since before the U.S.-Israeli war on Iran began in late February. Brent for the week was down 0.16% and WTI down 0.87%, the smallest weekly movements for both in months.
“It's a case of guarded optimism, with the market wanting to believe the peace efforts will hold, but it’s still hedging its bets until it sees real evidence on the water,” said Tim Waterer, chief market analyst at KCM Trade.
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