Oil Poised for Biggest Weekly Loss since November

Oil prices were falling by 2% on Friday morning and were headed to their biggest weekly decline since November 2023 as reports continue to emerge that negotiations of a possible ceasefire between Israel and Hamas in Gaza are advancing. As of 10:04 a.m. ET on Friday, the U.S. benchmark, WTI Crude, was trading down by 2.30% at $72.21, while Brent Crude, the international benchmark, had declined by 1.89% on the day, to $77.28 per barrel. On Monday, Brent surged to nearly $85 a barrel following a drone attack in Jordan that killed…