Oil prices rise on Iran sanctions, outlook uncertain
- Oil prices steadied just below four-year highs on Friday as world fuel markets tightened ahead of a new round of U.S. sanctions on Iranian oil exports due to be imposed in November.
- Benchmark Brent crude oil LCOc1 was down 5 cents a barrel at $84.53 by 1230 GMT. On Thursday, Brent fell by $1.34 a barrel or 1.6%, but the contract remained on course for a gain of around 2 %for the week.
- US. light crude CLc1 was up 25 cents at $74.58, a gain of more than 1.5% since last Friday.
- Speculators have accumulated bullish long positions, betting on a further rise in prices to $100 per barrel by next.