Crude oil prices fell on Friday, marking the first weekly decline in three weeks. West Texas Intermediate (WTI) futures dropped 42 cents to $83 per barrel. Brent crude futures declined 50 cents to $89 per barrel. WTI is on track for a 4.3% weekly loss. Brent is poised for a 5.3% weekly decline.
Prices fell despite reports that the Trump administration will not revive a previous deal with Iran. This development typically supports prices due to increased geopolitical risk.
WTI crude recently broke below a key ascending trendline. This technical break indicates a potential shift from bullish to bearish momentum. WTI faces immediate resistance between $83.62 and $84.55. The market is currently consolidating following a recent price spike.