Oil prices fell on Friday, posting a fourth consecutive weekly loss, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.
U.S. Secretary of State Mike Pompeo announced the decision in a conference call. The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.
U.S. light crude ended Friday's session down 55 cents at $63.14, falling 6.6 percent this week.
Brent crude oil was up 2 cents a barrel at $72.91 by 2:26 p.m. ET. The contract has fallen 6 percent this week and 16 percent since the beginning of October, when it reached its highest since 2014.
Pompeo did not name the jurisdictions, but said the European Union as a whole, which has 28 members, would not receive one.