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Oil falls as Trump retreated from an imminent strike in Syria

UNITED STATES (OBSERVATORY) –¬†Oil prices fell on Friday after US President Donald Trump relaxed remarks warning of an imminent missile strike in Syria, but crude prices are still heading for the biggest weekly gain in more than eight months.

US crude futures for May delivery fell 16 cents, or 0.2 percent, to $ 66.91 a barrel by 0632 GMT. In the week, crude is heading towards an 8% rise after two weeks of decline.

Brent crude <LCOc1> fell 18 cents, or 0.2 percent, to $ 71.84 a barrel, heading towards a 7 percent rise in the week.

Brent and Texas, which rose about $ 5 this week, are heading for their biggest weekly gain since July after hitting their highest levels since late 2014 on Wednesday after Trump warned that the missiles were “coming” in response to an attack in Syria. Missiles intercepted over Riyadh.

Trump said in an e-mail on Thursday that the attack on Syria “may be very close and may not be”, raising the possibility that the attack may not be as imminent as it appeared in Trump a day earlier.

The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday that the surplus of global oil inventories is nearing fading, and the total production of the Organization fell by 201 thousand barrels per day to 31.96 million barrels per day in March of February.

“OPEC and its oil-producing allies are preparing to extend their agreement to cut production to 2019,” OPEC Secretary-General Mohamed Barkindo told Reuters.