07/04/2019
Oil prices fell today, with Brent crude falling below $ 70 a barrel the day before.
But the major crude oil contracts are heading towards gains on a weekly basis due to rising geopolitical risks.
By 0856 GMT, Brent crude futures fell 16 cents to $ 69.24 a barrel after touching $ 70.03 in the previous session, which is the highest level since Nov. 12.
The WTI fell 4 cents a barrel to $ 62.06 after reaching its highest level since Nov. 7 at $ 62.99 on Wednesday.
Brent and West Texas are headed for gains for the second and fifth week respectively.
Concerns about fuel consumption has been hit by a slowdown in the economy.
The United States and China, the world's two largest economies, are nearing a possible end to their trade dispute despite some obstacles.
US President Donald Trump said on Thursday that the two sides were "very close to a deal", although the United States remains reluctant to raise tariffs on Chinese goods worth $ 250 billion that China wants to remove.
