Brent crude oil fell in volatile trading on Friday, on track for its third straight weekly loss as diplomatic strides on Iran's nuclear program and Syria's chemical weapons drained geopolitical risk premium from the markets.
Encouraging comments on Friday from Iranian President Hassan Rouhani, who said he wanted talks with major powers on Iran's nuclear program to yield "tangible results" in a short period of time, revived the prospect of an eventual flow of Iranian crude to the market.
The United States and Russia have agreed on a draft U.N. Security Council resolution aimed at eliminating chemical weapons in Syria. The U.N. Security Council will vote on the resolution on Friday.
Libya's crude oil output has stabilized at around 650,000 bpd after its western fields resumed production this month but the main eastern oil facilities remain closed, a senior National Oil Corp (NOC) official said on Friday.
Brent crude for November delivery traded down 50 cents around $109 a barrel. U.S. crude for delivery in November settled down 16 cents at $102.87 a barrel.
--By Reuters with CNBC.com