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Oil prices on track for second straight weekly climb

Oil prices earlier on Friday pulled back from three-and-a-half year highs, but were on track for a second weekly climb in a row as traders raised doubts about the extent to which supply disruptions, tied to the U.S. decision to re-impose sanctions on OPEC member Iran, would materialize and buoy prices.
 
On the New York Mercantile Exchange, June West Texas Intermediate crude oil fell 25 cents, or 0.4 per cent, to $71.11 a barrel.
 
July Brent crude the global benchmark, was down 30 cents, or 0.4 per cent, to $77.17 a barrel.
 


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