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Oil set for sharp weekly drop but Middle East supply concerns provide floor
BEIJING: Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump’s party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market. Brent crude futures for January rose on Friday by $1.57, or 1.6%, to $99.86 a barrel as of 0222 GMT. US West Texas Intermediate futures climbed $1.10, or 1.22% to $91.62 a barrel. Both contracts gained for a second day. Still, the Brent contract is on track to drop by 12% this week after the December contract expired on October 30...
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