Oil prices seesawed on Friday as markets were lifted by hopes the United States and China may resolve their trade disputes soon, before being weighed down by a report Washington had granted several countries waivers on Iran sanctions.
Front-month Brent crude futures were at $72.88 per barrel at 0737 GMT on Friday, 1 cent below their last close. They first fell on Friday on surging supplies, before rising with global markets and then dipping again on the back of the reported Iran sanctions waivers.
U.S. West Texas Intermediate (WTI) crude futures were down 33 cents, or 0.5 percent, at $63.36 a barrel.
Global markets, including oil, were lifted earlier on Friday by hopes that the trade dispute between the world's two biggest economies could be resolved soon.
Pulling crude back down, however, was a report that several governments had received waivers that would still allow countries to import some Iranian crude once U.S. sanctions are reimposed from next week.
The U.S. government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil aid the upcoming sanctions, Bloomberg reported on Friday, citing a U.S. official.
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