Oil prices remain steady amid mixed supply signals

Oil prices were largely unchanged on Friday as markets assessed the risk of renewed US-Iran tensions against signs of improving crude supplies from the Middle East. Brent crude edged down 3 cents, or 0.03%, to $102.28 a barrel by 3:50 GMT, after moving slightly higher earlier in the session. Despite Thursday’s gain of more than $4 a barrel, Brent remained on track for a weekly decline of around 2%. Market sentiment was also influenced by reports of increased US military deployments to the Middle East, while expectations of higher diesel stock drawdowns in Europe provided some support. Meanwhile, China’s decision to halt fuel exports added further volatility to Thursday’s trading.