Oil prices have decreased, although expectations that US will re-introduce sanctions against Iran continue to support prices.
Despite the dip in prices, Brent largely held on its gains from the previous session.
Global benchmark Brent crude futures LCOc1 declined 27 cents, or 0.4%, trading at $74.47 a barrel, while US West Texas Intermediate (WTI) crude CLc1 decreased 19 cents, or 0.3%, to $68, according to Reuters.
Brent is on course to post gains of 0.5% for the third successive week, while WTI is set to register a weekly drop of 0.4%.
Energy Aspects oil analyst Virendra Chauhan was quoted by the news agency as saying: “There’s a little bit of profit-taking today.
“The broader narrative, particularly the strength in Brent, is that people are really concerned about going short of oil when sanctions are potentially going to be re-imposed and the market is trying to assess what that means for Iranian exports.”
The decision to impose sanctions against Iran is likely to be reached before 12 May.
In 2015, the US and its western allies lifted sanctions on Iran in exchange for Iran suspending its nuclear programme.
In case renewed sanctions are in place, they are expected to affect Iranian oil exports.
The concerns over the sanctions resulted in Brent gaining 5.9% this month.
Additionally, political and economic difficulties in Venezuela continue to support oil prices.
The unrest in the Latin American country has resulted in a 40% fall in crude production in the past two years.