Third Weekly Loss: Brent up, US crude dips

Brent crude rose and US futures dipped as expectations of increased exports from Iran capped prices and helped both contracts post their third consecutive weekly losses.

Brent September crude gained 18 cents to settle at $57.10 a barrel, off nearly 3 percent for the week and more than 10 percent for the month. US August crude, also known as West Texas Intermediate (WTI), fell only 2 cents to settle at $50.89, down more than 3 percent this week and more than 14 percent in July.

Crude prices received support late in the session from Baker Hughes Inc data showing US drillers cut seven rigs, after adding rigs the previous two weeks.

Earlier, dollar-denominated oil was pressured by the US dollar’s strength as it traded near a seven-week high against a basket of currencies after being bolstered by lower US jobless claims.

Iran has started to ship oil to Asia that had been stored offshore for months after Tehran and six world powers reached an agreement about Tehran’s nuclear program, clearing the way for an easing of sanctions on Iran. “With the Iran deal, people are aware there is more supply coming, so all impetus for a price correction higher has gone,” said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.