HOUSTON֡—Oil prices gained on Friday as US buyers covered positions ahead of the three-day Memorial Day weekend amid worries over the latest round of nuclear talks between American and Iranian negotiators.
Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54 percent. US West Texas Intermediate crude futures finished at $61.53, up 33 cents, or 0.54 percent.
“I think there is some short-covering going into this weekend,” said Phil Flynn, senior analyst with Price Futures Group.
The Memorial Day weekend kicks off the US summer driving season, the period of highest demand for motor fuels.
US and Iranian negotiators met in Rome on Friday in another round of talks aimed at curtailing the Islamic Republic’s nuclear program. Traders are afraid crude supplies could be interrupted if talks fail to reach a deal, Flynn said.
“The talks are not looking good,” he said. “If these are the last talks and there’s no deal, it could give a green light to the Israelis to attack Iran.”
