West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday.
The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday
The black gold has come under pressure amid signs of de-escalation in the restart of the war between the United States (US) and Iran. Earlier in the day, a US official confirmed that technical talks with Iran continued, despite President Donald Trump declaring that the memorandum of understanding (MoU) with Tehran is over. US President Trump also said late Wednesday that he had a conversation with Iran, adding that the nation wants the deal badly.
However, he doesn’t believe that Iran would honor the deal, CNBC reported. Meanwhile, the downside in oil prices will likely remain limited, as the exchange of attacks between the US and Iran are still going on. Late Thursday, the Iranian state media confirmed US forces striking several more locations in coastal Iran.