Crude oil prices rose more than 1 percent on Friday, heading for a weekly gain on lift from lowered expectations that an agreement on Irans nuclear program will result in a rapid return of more Iranian barrels to the market. Brent crude was up $1.06 at $57.63 a barrel at 11:39 a.m. EDT, near its 50-day moving average at $57.61 and having reached $58.86. The latest agreement with Iran does not open the floodgates for a significant return of Iranian oil on the market as many had feared, said Harry Tchilinguirian, head of commodity markets strategy and oil strategy at BNP Paribas. World powers and Iran announced the interim accord last week. more
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