Muscat: Oil prices extended their decline on Friday as concerns over global supply eased following the announcement that the United States and Iran will hold nuclear talks later today in Muscat, Oman.

According to Qatar News Agency, Brent crude futures fell 50 cents, or 0.74%, to $67.05 a barrel, after settling 2.75% lower in the previous session. US West Texas Intermediate (WTI) crude futures also declined, shedding 52 cents, or 0.82%, to $62.77 a barrel, after closing down 2.84% on Thursday.

Both benchmarks are on track to record their first weekly decline in more than a month, retreating over 3% from near six-month highs reached in late January.