- Oil prices drop close to 1 percent
- Global markets drop on trade concerns
- Dubai’s index adds 0.7 percent pushed by real estate shares
- Dollar rises, gold retreats
Oil prices fell close to 1 percent on Friday as the United States Secretary of State Mike Pompeo announced that eight top importers will be temporarily allowed to keep buying Iranian oil, as the U.S. imposes sanctions on Monday.
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Iran said on Friday that it had no concerns over the reimposition of sanctions.
Brent crude futures fell 6 cents to settle at $72.83 a barrel. U.S. crude declined 55 cents to end the session at $63.14 per barrel, a 0.86 percent loss.
“It seems as though all the worries about tightening supplies due to the loss of Iranian barrels in the market have dried up,” Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut, told Reuters.
“On top of that, concerns regarding reduced global demand has also helped … the market continues to search for a bottom.”
Global markets erased their gains on Friday to close mostly lower as concerns about a trade deal between the U.S. and China weighed on sentiment.
MSCI’s gauge of stocks across the globe shed 0.06 percent.
On Wall Street, the Dow Jones Industrial Average fell 109.91 points, or 0.43 percent, to 25,270.83, the S&P 500 lost 17.31 points, or 0.63 percent, to 2,723.06 and the Nasdaq Composite dropped 77.06 points, or 1.04 percent, to 7,356.99.
“The stock market is focused on tariffs and they believe that increased tariffs are going to hurt the economy,” Mike Rask, director of trading at Hodges Capital in Dallas, told Reuters.
“There was the belief overnight that we were close to a trade deal with China and now it looks like that is not the case.”